The IFSC Authority has recently issued a circular clarifying the applicability of the amendments made in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, to the IFSCA AML, CFT & KYC) Guidelines, 2022 and other notifications issued under PMLA.
The circular provides that the IFSCA Guidelines shall stand amended to the extent of corresponding changes introduced via the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2023. This includes a change in the controlling ownership interest threshold from 25%/15% to 10% and the requirement of furnishing the specified details on the DARPAN Portal of NITI Aayog.
