CS Professional · IFSCA - Regulations, Listing and Compliances · Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS
Meridian Advisory, an authorised ancillary service provider in GIFT IFSC, wants to add financial crime compliance services such as AML/KYC support to its existing authorised book-keeping activity. What is the correct position?
Meridian must obtain IFSCA's approval for the additional service. Authorisation relates to the specific services permitted, so a new activity such as financial crime compliance needs regulatory permission. Client intimation or relocating the work does not satisfy the requirement.
- ANo action is needed because one authorisation covers every ancillary service
- BIt need only inform its clients of the new activity
- CIt must seek IFSCA's approval for the additional service, as authorisation is linked to the permitted activitiesCorrect
- DIt may begin if the service is performed outside the IFSC premises
Explanation
Authorisation is given for specified services. Adding a new category requires IFSCA's approval or amended authorisation. Informing clients is not regulatory permission, and performing the work off-premises does not avoid the requirement for regulated activity.
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