AML for IFSC

AML Compliance for IFSC units in GIFT City in India

Regulated units registered with International Financial Services Centres Authority in GIFT city in India are required to adhere to the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022 along with the central regulations on AML, i.e., the Prevention of Money Laundering Act (PMLA).

The IFSCA Guidelines on AML provide that the regulated units operating in GIFT City ensure compliance requirements such as conducting AML Business Risk Assessment and developing adequate risk mitigation policies and procedures. It requires the units to perform KYC process and Customer risk profiling to identify customer risk and perform required Customer Due Diligence measures.

To assist you with complying with the IFSCA AML Guidelines, AML India offers end-to-end consultancy services. We ensure top-notch support with our domain expertise, sectoral knowledge, and diversified international experience.

To ensure your compliance with these requirements, AML Indiaoffers a wide range of services around AML/CFT compliance and consultancy. The quality of our offerings is based on the perfect combination of our expertise, industry knowledge, and international experience.We make your AML compliance journey seamless, efficient, and effective.

Our AML Consulting Services for IFSC units operating in GIFT City, India in line with the IFSCA AML/CFT & KYC Guidelines

AML Business risk assessment

IFSC AML Guidelines require the regulated units to assess the business’s exposure to ML/FT risks and their impact on the business. AML India assists you with conducting your AML Business Risk Assessment considering various risk factors relevant to the business and helps you design necessary mitigative measures to tackle these money laundering and terrorism financing risks.

AML Policy Documentation

We help you develop and document customised AML policies, controls, and procedures in accordance with the AML laws and IFSC AML Guidelines. We design relevant, scalable, and operations-specific AML/CFT compliance frameworks that allow you to stay 100% AML compliant.

AML compliance department setup

To manage your AML compliance in-house, you need a strong and competent team of AML professionals. With our international AML experience and domain specialization, we assist you in setting up your in-house AML compliance department by identifying the right set of a team with the required skills and training them on AML regulations and obligatory requirements. This able AML Compliance will manage your day-to-day AML tasks like customer due diligence, maintaining AML records, ensuring timely reporting to India’s Financial Intelligence Unit (FIU-IND), and other AML requirements mandated by the IFSC AML Guidelines.

AML Training

Well-developed AML framework is of no use unless implemented effectively. And this is possible only when you have a well-trained AML compliance team. Adequate AML training is a must for the entire team to set up a strong AML culture across the organization, starting from front-level staff to the top management. AML training creates awareness about the AML laws and IFSC AML Guidelines, AML obligations imposed under these regulations, and the company’s policies to ensure the AML framework is implemented as planned and is adequate enough to safeguard the businesses.

AML software selection

IFSC AML Guidelines require that the regulated entities screen the customers against sanctions/PEP, monitor the transactions on an ongoing basis, and perform KYC and Customer Due Diligence before onboarding the customers. These activities can be managed smoothly without much hassle with technological assistance. We assist you in implementing the best-fitting AML software for your AML needs.

AML/CFT Health Check

If you already have an AML framework, knowing your compliance status with IFSC AML Guidelines is essential. We perform periodic AML health checks to understand the level of your compliance with AML law and whether there is any gap that needs immediate attention. Basis this analysis, AML India suggests recommendatory actions and policy improvements to stay compliant with the laws and safeguard your business against the ML/FT risk.

Get your IFSCA AML/CFT & KYC obligations fulfilled with end-to-end IFSCA AML/CFT consultancy support from AML India.

How AML India can assist with your compliance with IFSC AML Guidelines

AML India follows a professional methodology to resolve your AML concerns. We study your business operations and assess potential money laundering or terrorism financing risks. Our commitment to personalize your AML solution creates value for your AML function and ensures that your AML measures are solid enough to combat financial crimes.

• End-to-end AML support and handholding during your AML journey.

• Whether it’s designing the AML policies or setting up an in-house AML Compliance department.

• Avail the benefit of customised AML solutions targeted to address your AML pain points.

• Staying on top of the developing ML/FT trends & typologies and ever-evolving AML/CFT regulations and international recommendations.

• Get access to AML experts having international expertise and diversified experience.

• End-to-end AML support and handholding during your AML journey – whether it’s designing the AML policies or setting up an in-house AML Compliance department.