Skip to content

CS Professional · IFSCA - Regulations, Listing and Compliances · Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS

Orion Compliance IFSC Pvt Ltd holds IFSCA authorisation for taxation services. Its director proposes to also offer financial crime compliance work, such as AML support, to IFSC banks, using the same authorisation without any application. Which view is correct?

The proposal is not permitted without approval. Authorisation is activity-specific, so a taxation authorisation does not cover financial crime compliance services. The unit must have that activity authorised by IFSCA. Foreign-currency billing or client consent cannot replace regulatory permission for the added scope.

  1. APermitted, since taxation authorisation covers every ancillary service
  2. BPermitted if the work is billed in foreign currency
  3. CNot permitted; the unit must have the relevant activity covered by authorisation from IFSCA, and the added scope needs approvalCorrect
  4. DPermitted only if IFSC banks give written consent

Explanation

Each ancillary service category is authorised on its own scope. Holding taxation authorisation does not automatically extend to financial crime compliance. Billing currency and client consent do not substitute for IFSCA authorisation of the activity.

Did you get it right without looking?

One question tells you little. A timed set on Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS shows your real accuracy, how long you take and where you lose marks.

Practise Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TASFree diagnostic mock

More Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS questions