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Beneficial Owner Identification Guide for IFSCA Regulated Entities
Beneficial Owner Identification Guide for IFSCA Regulated Entities
While conducting the customer due diligence process of a legal entity, it is essential to identify the beneficial owner. In the IFSCA (AML, CFT, and KYC) Guidelines, 2022 (IFSCA AML Guidelines), the authorities mandate the regulated entities operating in IFSC to implement adequate measures and procedures for identifying and verifying the identity of the beneficial owners.
The business relationship becomes more transparent by identifying the beneficial owner and helping entities combat money laundering and terrorist financing activities.
For providing all-time assistance to IFSCA entities in BO identification, we have come up with this guide, which includes:
- Criteria to qualify for the Beneficial Owner
- Importance of Beneficial Owner Identification
- AML measures to be applied to identify BOs
- Key challenges in identifying beneficial owners
After reading this guide, you will know the correct BO identification measures to incorporate into your AML compliance program. Check the guide and take robust steps to combat money laundering and terrorist financing.
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We are committed to assisting proper enforcement of AML and CFT regulations to regulated entities in India by designing a personalised AML framework – policies, internal controls, and procedures – and ensuring effective implementation of the same.
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