Introduction
The International Financial Services Centres Authority (IFSCA) has recently issued a crucial circular regarding the mandatory registration on the FIU-IND FINGate 2.0 portal. This directive, aimed at regulated entities in GIFT-IFSC, ensures compliance with the Anti Money Laundering (AML), Counter-Terrorist Financing (CFT), and Know Your Customer (KYC) Guidelines, 2022.
This article provides a detailed yet easy-to-understand breakdown of the registration requirements, compliance timelines, and consequences of non-compliance.
What is FIU-IND FINGate 2.0?
FIU-IND (Financial Intelligence Unit - India) is the regulatory body overseeing anti-money laundering and counter-terrorist financing measures.
FINGate 2.0 is its digital platform that facilitates reporting, monitoring, and compliance for financial entities.
The registration on this portal is essential to ensure transparency, regulatory oversight, and effective implementation of AML-CFT norms.
Who Needs to Register?
The circular applies to all entities at GIFT-IFSC as they are regulated Entities, including:
Banks
Insurance companies
Capital market participants
Financial service providers like Ancillary Service Provider.
Key Compliance Requirements
The circular mandates that regulated entities must:
Register on the FIU-IND FINGate 2.0 Portal
Before commencing business operations.
If business has already started, registration must be completed within 30 days.
Update Line of Business (LOB) on the Portal
Any new service or modification in business activities must be updated within 30 days.
Report Registration Issues to Authorities
If an entity faces technical difficulties in registering, it must inform FIU-IND helpdesk via email and copy key IFSCA officials.
Alternative Compliance if Registration is Delayed
If an entity fails to register due to uncontrollable circumstances, it must submit filings under the Prevention of Money Laundering Act (PMLA), 2002 via email.
What Happens If You Don’t Comply?
Failure to comply with the registration and reporting requirements can lead to serious regulatory consequences, including:
✅ Breach of registration/licensing terms
✅ Potential fines and penalties
✅ Regulatory scrutiny and intervention
How to Register & Update Information?
Entities must register and update their details at FIU-IND FINGate 2.0 Portal.
For assistance, they can contact:
📩 aml-cft-div@ifsca.gov.in (AML & CFT Division, IFSCA)
Final Thoughts
IFSCA's strict enforcement of AML-CFT guidelines through FIU-IND FINGate 2.0 is a significant step toward improving financial security and regulatory compliance. Entities at GIFT-IFSC must act quickly to ensure timely registration and reporting, thereby avoiding penalties and maintaining operational integrity.
If you are a regulated entity, act now and complete your FIU-IND registration to stay compliant with India's evolving financial regulations!
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