Role of Senior Management under the IFSCA (AML, CFT, and KYC) Guidelines, 2022 | AML India

Greetings, Financial Crime Fighters!

In this video, we shall be discussing the responsibilities of Senior Management of Regulated Entities operating in the IFSC Gift City, which are bound by the responsibilities set forth in the IFSCA (AML, CFT, and KYC) Guidelines, 2022.

The Senior Management shall be responsible for Establishing AML/CFT Governance Culture and shall set the tone for effective AML/CFT compliance and governance culture by leading by example while exercising duties with due skill, care, and diligence.

The Senior Management responsibilities include ensuring compliance and effectiveness of AML/CFT policy by making sure that the AML/CFT policies are in alignment with the provisions of the IFSCA guidelines and risk assessment procedures.

The Senior Management is responsible for appointing an adequately qualified Principal Officer who can report on compliance of the regulated entity with AML/CFT risk management requirements prescribed by the guidelines and help with compliance reviews.

The Senior Management is responsible for approving decisions about onboarding high-risk customers, adhering to the Enhanced Customer Due Diligence (ECDD) measures and granting or denying approval for onboarding and establishing or continuing a business relationship with a high-risk customer or a Politically Exposed Person (PEP).

The Senior Management is responsible for approving and ensuring the implementation of AML/CFT policies, procedures and controls that are adequate, sufficient, and appropriate for the Regulated Entity.

The Senior Management is responsible for ensuring that the Regulated Entity remains continuously compliant with the AML/CFT compliance requirements prescribed in the IFSCA (AML, CFT, & KYC) guidelines and its risk assessment procedures.

The Senior Management is responsible for taking timely & effective action to fix issues arising due to non-compliance, which are identified during the audit of the entity.

Hope this video helped you understand the responsibilities of Senior Management of entities operating in the IFSC Gift City.

Stay tuned to aml indias youtube channel for more such informative videos.

Timestamps:
0:00 Introduction on Role of Senior Management under the IFSCA (AML, CFT, and KYC) Guidelines, 2022
0:19 Why we have to Establish AML/CFT Governance Culture?
0:39 Why is ensuring compliance and effectiveness of AML/CFT policy necessary?
0:55 Why to appoint a Principal Officer?
1:18 Why is approval to onboard high-risk customer needed?
1:35 Why does approving and ensuring the implementation of AML/CFT policies needed?
1:51 Why is ensuring compliance with the AML/CFT guidelines necessary?
2:03 What is the reason for timely and effective action on non-compliance?
2:17 Conclusion and Regards

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