International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024
On 4th June 2024, the International Financial Services Centres Authority (IFSCA) issued a Notification No. IFSCA/GN/2024/003, titled “International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024”.
IFSCA Book-keeping Accounting Taxation and Financial Crime Compliance Services Regulations 2024 aim to establish a framework for the development, registration, and operation of Bookkeeping, Accounting, Taxation, and Financial Crime Compliance (BATF) Services within the International Financial Services Centre (IFSC). These regulations provide provisions regarding the registration process, including the application for registration and the grant for registration. These regulations also elaborate on the fit and proper requirements of Financial Crime Compliance Services providers, conditions for their safeguarding, their service recipients, and the key managerial personnel.
IFSCA BATF regulations also provide provisions with respect to minimum office space criteria, currency of operations, reporting requirements, power to relax strict enforcement of the regulations, power to specify norms and procedures, issue clarifications and remove difficulties, payment of fees, and action in case of default.
Furthermore, the IFSCA BATF regulations include two schedules, which lay down the directives for the BATF providers. The first schedule details the safeguarding conditions, including workforce requirement, asset requirement, transferring existing contracts or work arrangements in India, and termination of existing contracts or work arrangements in India. The second schedule mentions the conditions for entities under the Ancillary Services Framework.
