International Financial Services Centres Authority (“IFSCA”) vide Circular No. F. No. IFSCA/2/2025-AMLCFT/01[1] dated February 26, 2025 (“Circular”), issued an update regarding the registration process for Regulated Entities (“REs”) under the International
Financial Services Centres Authority (Anti Money Laundering, Counterterrorist Financing and Know Your Customer) Guidelines, 2022 (“AML Guidelines”).
This Circular has been issued as a follow-up on the IFSCA circular dated March 14, 2024, pertaining to the registration of REs on the FIU-IND FINGate 2.0 Portal (“FIU-IND Portal”) for compliance with the AML Guidelines.
The key highlights of the Circular are as follows:
- REs shall ensure that their registration on the FIU-IND Portal has been completed before the commencement of business operations. In the event, there is an urgency to start operations, the registration must be completed within 30 (thirty) days from the commencement of business.
- Should any difficulties arise during the registration process, including technical issues, the REs shall be required to notify the FIU-IND Helpdesk via email at ‘helpdesk-re@fiuindia.gov.in’, with a copy to: ‘dydirector-24@fiuindia.gov.in’; ‘dydirector7@fiuindia.gov.in’; ‘consultant-20@fiuindia.gov.in’
- Additionally, REs shall send weekly updates to the Division of Anti Money Laundering & Counterterrorist Financing, IFSCA at ‘aml-cft-div@ifsca.gov.in’ until the registration has been completed.
- REs shall also be required to update their line of business on the FIU-IND Portal within 30 (thirty) days from the commencement of any new or modified business activities.
- In the event a REs is unable to complete the registration due to reasons beyond their control, they must submit all necessary filings under the Prevention of Money Laundering Act, 2002 to FIU-IND via email, explaining the reason for not reporting through the FIU-IND Portal.
- It is pertinent to note that non-compliance with such requirements shall be treated as a breach of the terms and conditions of the REs’ registration, recognition, license, or authorization.
- This Circular reaffirms the necessity for REs to adhere to the compliance requirements set forth by IFSCA and FIU-IND to ensure that their operations align with national and international financial regulatory standards.
[1]https://ifsca.gov.in/Viewer?Path=Document%2FLegal%2F25-02-2024-circular-timeline-for-fiu-regupdation-of-lob26022025022344.pdf&Title=Registration%20on%20FIU-IND%20FINGate%202.0%20portal%20for%20compliance%20with%20International%20Financial%20Services%20Centres%20Authority%20%28Anti%20Money%20Laundering%2C%20Counter-Terrorist%20Financing%20and%20Know%20Your%20Customer%29%20Guidelines%2C%202022&Date=26%2F02%2F2025