Dr. Dipesh Shah, Executive Director (Development), IFSCA, participated as a discussant in Panel titled, “Structuring Inbound and Outbound Capital: The Wishlist of AIFs and IFSCA Units for Aggressive Foreign Investment Strategies,” at the stakeholder consultation on “Shaping the Future of Cross-Border Investment: India’s Next-Gen FDI Reform and Global Market Access,” organised by Bridge Policy Think Tank on 16 October 2026. The discussion focused on the role of GIFT IFSC in connecting India with global capital, including: 🔹 GIFT IFSC as a gateway for international investors, and its role in strengthening cross-border investment flows with Hungary and the wider European region 🔹 GIFT IFSC as a preferred base for India-focused venture capital funds channelling global capital into Indian startups 🔹 The journey of a foreign fund manager setting up in GIFT IFSC, from registration as a Fund Management Entity to launching its first scheme, Ease of Doing business and facilitating the new institutions in IFSC zone. #IFSCA #GIFTIFSC #GIFTCity #FDI #CrossBorderInvestment #FundManagement #AlternativeInvestmentFunds #VentureCapital #IndiaHungary #InternationalFinance

𝗦𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻𝗶𝗻𝗴 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗹𝗲 𝗚𝗼𝗹𝗱 𝗦𝗼𝘂𝗿𝗰𝗶𝗻𝗴: 𝗜𝗙𝗦𝗖𝗔 𝗚𝗼𝗼𝗱 𝗗𝗲𝗹𝗶𝘃𝗲𝗿𝘆 𝗚𝘂𝗶𝗱𝗲𝗹𝗶𝗻𝗲𝘀, 𝟮𝟬𝟮𝟲 𝗧𝗵𝗲 𝗜𝗙𝗦𝗖𝗔 (𝗚𝗼𝗼𝗱 𝗗𝗲𝗹𝗶𝘃𝗲𝗿𝘆) 𝗚𝘂𝗶𝗱𝗲𝗹𝗶𝗻𝗲𝘀, 𝟮𝟬𝟮𝟲 incorporate responsible sourcing requirements aligned with the principles of the @OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. The Guidelines represent an important step towards establishing a comprehensive Good Delivery framework that extends beyond the purity, weight and technical specifications of refined gold to encompass 𝗿𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗹𝗲 𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴, 𝘀𝘂𝗽𝗽𝗹𝘆-𝗰𝗵𝗮𝗶𝗻 𝗱𝘂𝗲 𝗱𝗶𝗹𝗶𝗴𝗲𝗻𝗰𝗲, 𝘁𝗿𝗮𝗰𝗲𝗮𝗯𝗶𝗹𝗶𝘁𝘆, 𝗿𝗶𝘀𝗸 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁, 𝗴𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗶𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁 𝗮𝘀𝘀𝘂𝗿𝗮𝗻𝗰𝗲. The framework provides a transparent, principles-based pathway for eligible domestic and international refiners to participate in the exchange-based bullion ecosystem, subject to compliance with prescribed technical and responsible sourcing standards. Importantly, the Guidelines seek to strengthen confidence in the provenance and integrity of refined gold, including recycled gold, while promoting greater alignment with internationally recognised Good Delivery practices. 𝗜𝗙𝗦𝗖𝗔'𝘀 𝗲𝗻𝗱𝗲𝗮𝘃𝗼𝘂𝗿 𝗵𝗮𝘀 𝗯𝗲𝗲𝗻 𝘁𝗼 𝗶𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲 𝗴𝗹𝗼𝗯𝗮𝗹𝗹𝘆 𝗿𝗲𝗰𝗼𝗴𝗻𝗶𝘀𝗲𝗱 𝗽𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲𝘀 𝗮𝗻𝗱 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗯𝗲𝘀𝘁 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗲𝘀 𝗶𝗻𝘁𝗼 𝗜𝗻𝗱𝗶𝗮'𝘀 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗮𝗿𝗰𝗵𝗶𝘁𝗲𝗰𝘁𝘂𝗿𝗲,  strengthening the capabilities of domestic stakeholders and facilitating their integration with global precious metals markets. 𝗧𝗵𝗲 𝗹𝗮𝗿𝗴𝗲𝗿 𝘃𝗶𝘀𝗶𝗼𝗻 𝗶𝘀 𝘁𝗼 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺 𝗜𝗻𝗱𝗶𝗮 𝗳𝗿𝗼𝗺 𝗯𝗲𝗶𝗻𝗴 𝗽𝗿𝗲𝗱𝗼𝗺𝗶𝗻𝗮𝗻𝘁𝗹𝘆 𝗮 𝗺𝗮𝗷𝗼𝗿 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗼𝗳 𝗽𝗿𝗲𝗰𝗶𝗼𝘂𝘀 𝗺𝗲𝘁𝗮𝗹𝘀 𝗶𝗻𝘁𝗼 𝗮 𝗴𝗹𝗼𝗯𝗮𝗹𝗹𝘆 𝗿𝗲𝗰𝗼𝗴𝗻𝗶𝘀𝗲𝗱 𝗵𝘂𝗯 𝗳𝗼𝗿 𝗿𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗹𝗲 𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴, 𝗿𝗲𝗳𝗶𝗻𝗶𝗻𝗴 𝗲𝘅𝗰𝗲𝗹𝗹𝗲𝗻𝗰𝗲, 𝗰𝗿𝗲𝗱𝗶𝗯𝗹𝗲 𝗮𝘀𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀 𝗮𝗻𝗱 𝘁𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝘁, 𝗲𝘅𝗰𝗵𝗮𝗻𝗴𝗲-𝗯𝗮𝘀𝗲𝗱 𝗯𝘂𝗹𝗹𝗶𝗼𝗻 𝘁𝗿𝗮𝗱𝗶𝗻𝗴. 𝗧𝗵𝗲 𝗜𝗙𝗦𝗖𝗔 𝗚𝗼𝗼𝗱 𝗗𝗲𝗹𝗶𝘃𝗲𝗿𝘆 𝗚𝘂𝗶𝗱𝗲𝗹𝗶𝗻𝗲𝘀, 𝟮𝟬𝟮𝟲, 𝗹𝗮𝘆 𝗮𝗻 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗳𝗼𝘂𝗻𝗱𝗮𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗜𝗻𝗱𝗶𝗮𝗻 𝗿𝗲𝗳𝗶𝗻𝗲𝗿𝘀 𝗮𝗻𝗱 𝗼𝘁𝗵𝗲𝗿 𝘀𝘁𝗮𝗸𝗲𝗵𝗼𝗹𝗱𝗲𝗿𝘀 𝘁𝗼 𝗲𝗻𝗵𝗮𝗻𝗰𝗲 𝘁𝗵𝗲𝗶𝗿 𝗴𝗹𝗼𝗯𝗮𝗹 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲𝗻𝗲𝘀𝘀 𝗮𝗻𝗱 𝗲𝘀𝘁𝗮𝗯𝗹𝗶𝘀𝗵 𝗰𝗿𝗲𝗱𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗹𝘆 𝗯𝗲𝗻𝗰𝗵𝗺𝗮𝗿𝗸𝗲𝗱 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀. The IFSCA Good Delivery Guidelines, 2026 may be accessed at: ifsca.gov.in/CommonDirect/Ge… #IFSCA #OECD #GoodDelivery #ResponsibleSourcing #GoldRefining #GoldRecycling #GIFTIFSC #IIBX #BullionMarkets #GlobalStandards

IFSCA issues Guidelines for Algorithmic Trading on Stock Exchanges. The comprehensive regulatory framework aims to: · Broaden meaningful market participation · Enhance market liquidity · Strengthen market resilience The guidelines apply to stock exchanges, broker-dealers and remote trading participants onboarded by stock exchanges. The Circular may be accessed at: ifsca.gov.in/CommonDirect/Ge… #IFSCA #AlgorithmicTrading #CapitalMarkets

Exploring new capital market linkages between Luxembourg and GIFT IFSC 🇱🇺🇮🇳 The IFSCA delegation, led by Shri Pradeep Ramakrishnan, Executive Director, had a meeting with senior representatives of Luxembourg Stock Exchange (LuxSE) on Oct 14th on deepening connectivity between the two markets. Key areas of discussion included: 🔹 Dual listing of securities between LuxSE and the stock exchanges in IFSC 🔹 Sharing of insights on listing of ESG labelled bonds

𝗦𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻𝗶𝗻𝗴 𝘁𝗵𝗲 𝗟𝘂𝘅𝗲𝗺𝗯𝗼𝘂𝗿𝗴–𝗚𝗜𝗙𝗧 𝗜𝗙𝗦𝗖 𝗳𝘂𝗻𝗱 𝗰𝗼𝗿𝗿𝗶𝗱𝗼𝗿 A delegation from the IFSCA, led by Shri Pradeep Ramakrishnan, Executive Director, held a productive meeting with Mr. Marco Zwick, Director, Mr. Laurent Van Burik, and other senior officials from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. The discussions centred on mutual cooperation between the two jurisdictions, with a focus on cross-border distribution of funds between Luxembourg and GIFT IFSC. Luxembourg is Europe’s leading investment fund hub, and GIFT IFSC is India’s emerging international financial centre. Closer regulatory collaboration can open new avenues for fund managers, widen investor access, and deepen capital flows between the two markets.

A delegation from IFSCA headed by Mr. Pradeep Ramakrishnan, ED, IFSCA, held meetings with senior representatives of LuxCMA, Franklin Templeton, BlackRock, Blackstone and other market participants in Luxembourg. Discussions explored avenues for strengthening collaboration between the two jurisdictions in areas such as fund management, listing of funds and ETFs, capital markets and enhancing cross-border investment flows.

Today, IFSCA hosted a delegation from the United Kingdom (UK), comprising officials from the Financial Conduct Authority (@TheFCA ), the City of London Corporation(@cityoflondon) and the British High Commission to India(@UKinIndia). The discussions, led by Dr. Dipesh Shah, Executive Director, IFSCA and Shri Mahipal Reddy, Executive Director, IFSCA discussed various opportunities for UK institutions in GIFT IFSC. They also explored how the India–UK FTA can be leveraged to position GIFT IFSC as a bridge for financial services between the UK and India. The delegation later interacted with regulated entities from GIFT IFSC and visited @nse_ix and the HSBC IFSC Banking Unit (IBU) to get a broader perspective on the overall GIFT IFSC ecosystem and to explore potential collaboration areas between both sides. This engagement further strengthens the strong and growing partnership between India and the UK. #IFSCA #GIFTCity #IndiaUK #FinancialServices #GIFTIFSC #Insurance #AssetManagement

Dr. Dipesh Shah, Executive Director, IFSCA, delivered the opening remarks at FINMAT Expo 2026 at GIFT City. Addressing the gathering of financial market participants from India and across the globe, he reflected on the evolution of GIFT IFSC - from an ambitious idea on open ground into a thriving, multi-dimensional financial ecosystem where exchanges, banks, asset managers, brokers, fintechs and global players now operate together under one roof. He also shared an overview of the GIFT IFSC ecosystem and its growing business momentum - marked by a rapidly expanding base of registered entities. GIFT City is now home to a diverse range of business segments - from banks, insurers, exchanges, asset managers and brokers to ship leasing, aircraft financing and fintech - reflecting the depth and breadth of a truly multi-dimensional financial hub. #GIFTCity #IFSCA #FINMATExpo2026 #GIFTIFSC #FinancialServices #IFSC #CapitalMarkets #FinTech #GlobalFinance #CommodityTrading #EaseOfDoingBusiness

Shri K. Rajaraman, Chairperson, International Financial Services Centres Authority (IFSCA), joined Hon’ble Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman at a high-level CEO Roundtable hosted at the Bloomberg New Economy Forum in New Delhi. The roundtable brought together global business leaders alongside senior leadership from the Department of Economic Affairs, Ministry of Finance, and the National Investment and Infrastructure Fund (NIIF) to discuss the evolving dynamics of artificial intelligence, geopolitics, and international investment flows. Highlighting India’s robust growth momentum across infrastructure, manufacturing, energy transition, and digital technologies, global investors expressed strong confidence in the country's economic trajectory. In this context, IFSCA continues to position GIFT IFSC as a competitive, world-class gateway for cross-border capital mobilization, innovative financial services, and structured institutional investments to support India's long-term developmental priorities. @FinMinIndia @nsitharamanoffc

Union Minister for Finance & Corporate Affairs Smt. @nsitharaman participated in a Roundtable with CEOs at the Bloomberg New Economy Forum #BNEF event being held, in New Delhi, today. The discussion with global business leaders explored the evolving interplay of AI, geopolitics and global investment flows, alongside India’s vast opportunities across infrastructure, manufacturing, energy, digital technologies and financial services. Investors expressed confidence in India’s growth prospects and said that they look forward to continued economic engagement with India. Along with the Union Finance Minister, Secretary, Department of Economic Affairs @FinMinIndia; Chairman, International Financial Services Centres Authority (@IFSCA_Official); and MD and CEO, National Investment and Infrastructure Fund (@NIIFIndia) also participated in the Roundtable.

IFSCA, in collaboration with the Market Infrastructure Institutions (MIIs) at GIFT IFSC — NSE International Exchange (@nse_ix), India International Exchange (@india_inx ), NSE International Clearing Corporation (NSE ICC), India International Clearing Corporation (India ICC), India International Depository (IIDI) and India International Bullion Exchange (@IIBXIFSC) — is pleased to announce the 3rd edition of the Global Securities Markets Conclave (@gsmcifsc) on 25–26 February 2027 at GIFT City, Gandhinagar, India. Themed “𝗠𝗔𝗧𝗥𝗜𝗫", GSMC 3.0 will bring together leading policymakers, regulators, financial institutions, investors, fund managers, international institutions, corporates, industry leaders and market participants from across the globe to deliberate on emerging developments and opportunities shaping global securities markets. Mark your calendars! More details to follow soon. gsmc-ifsc.in/ #GSMC #GlobalSecuritiesMarkets #GIFTIFSC

𝗜𝗙𝗦𝗖𝗔 𝗔𝗠𝗟 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝟮𝟬𝟮𝟲 | 𝗣𝗮𝗻𝗲𝗹 𝗗𝗶𝘀𝗰𝘂𝘀𝘀𝗶𝗼𝗻 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁 𝗘𝗻𝗵𝗮𝗻𝗰𝗶𝗻𝗴 𝗜𝗻𝘁𝗲𝗿𝗼𝗽𝗲𝗿𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗳𝗼𝗿 𝗔𝗠𝗟/𝗞𝗬𝗖/𝗖𝗙𝗧 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 The IFSCA AML Conference 2026 featured an insightful panel discussion on strengthening interoperability across India’s financial sector to facilitate efficient customer onboarding, enhance information sharing and reinforce the effectiveness of anti-money laundering and countering the financing of terrorism (AML/CFT) controls. The discussion was moderated by Mr. Harsha Bhowmik, 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿, 𝗗𝗘𝗙𝗧 & 𝗖𝗦 𝗗𝗶𝘃𝗶𝘀𝗶𝗼𝗻, 𝗗𝗲𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁 𝗼𝗳 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗔𝗳𝗳𝗮𝗶𝗿𝘀, 𝗠𝗶𝗻𝗶𝘀𝘁𝗿𝘆 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗲, with participation from: 𝗠𝗿. 𝗕𝗶𝘁𝗵𝗶𝗻 𝗠𝗮𝗵𝗮𝗻𝘁𝗮, 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗠𝗮𝗻𝗮𝗴𝗲𝗿, 𝗦𝗘𝗕𝗜 𝗠𝗿. 𝗦𝗶𝗿𝗶𝗻 𝗞𝘂𝗺𝗮𝗿, 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗠𝗮𝗻𝗮𝗴𝗲𝗿, 𝗥𝗕𝗜 𝗠𝘀. 𝗡𝗶𝗺𝗶𝘀𝗵𝗮 𝗦𝗿𝗶𝘃𝗮𝘀𝘁𝗮𝘃𝗮, 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗠𝗮𝗻𝗮𝗴𝗲𝗿, 𝗜𝗥𝗗𝗔𝗜 𝗠𝘀. 𝗝𝗮𝘀𝗽𝗿𝗲𝗲𝘁 𝗞𝗮𝘂𝗿, 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗠𝗮𝗻𝗮𝗴𝗲𝗿, 𝗣𝗙𝗥𝗗𝗔 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 𝗶𝗻𝗰𝗹𝘂𝗱𝗲𝗱 : 🔹 𝗛𝗮𝗿𝗺𝗼𝗻𝗶𝘀𝗮𝘁𝗶𝗼𝗻 𝘄𝗶𝘁𝗵 𝗥𝗶𝘀𝗸 𝗦𝗲𝗻𝘀𝗶𝘁𝗶𝘃𝗶𝘁𝘆: Promoting harmonised Customer Identification Procedures (CIP) and portability of KYC records across regulators, while retaining sector-specific due diligence and risk assessment based on the nature of financial products and associated risks. 🔹𝗦𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻𝗶𝗻𝗴 𝗞𝗬𝗖 𝗜𝗻𝘁𝗲𝗿𝗼𝗽𝗲𝗿𝗮𝗯𝗶𝗹𝗶𝘁𝘆: Operationalising CKYCR 2.0 and enhancing interoperability between KYC Registration Agencies (KRAs) and the Central KYC Records Registry (CKYCR), including attribute-level validation and appropriate tagging of verified information. 🔹𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆-𝗘𝗻𝗮𝗯𝗹𝗲𝗱 𝗩𝗲𝗿𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Expanding access to source-verification APIs for documents such as passports, driving licences and foreign identity documents, alongside exploring cross-border recognition of digital signatures. 🔹 𝗣𝗿𝗼𝗽𝗼𝗿𝘁𝗶𝗼𝗻𝗮𝘁𝗲 𝗗𝘂𝗲 𝗗𝗶𝗹𝗶𝗴𝗲𝗻𝗰𝗲: Exploring simplified, tiered and risk-based due diligence for eligible low-risk insurance and pension products, while carefully assessing the implications of any relaxation in onboarding requirements. 🔹 𝗥𝗶𝘀𝗸-𝗕𝗮𝘀𝗲𝗱 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 𝗼𝗳 𝗡𝗥𝗜𝘀: Reviewing the risk classification of Non-Resident Indians (NRIs) in the context of FATF Recommendation 10 before considering changes to onboarding norms. 🔹 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗔𝘄𝗮𝗿𝗲𝗻𝗲𝘀𝘀 𝗮𝗻𝗱 𝗖𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲: Strengthening training and awareness among frontline personnel and customers regarding the acceptance and use of CKYCR identifiers, while exploring confidence or risk-scoring mechanisms to support the assessment of CKYCR records. The discussion underscored the importance of interoperable digital infrastructure, consistent KYC processes and risk-sensitive regulatory coordination in reducing duplication, improving customer experience and strengthening AML/CFT outcomes across the financial sector. #IFSCA #IFSCAAMLConference2026 #FinancialRegulation #Interoperability

𝗜𝗙𝗦𝗖𝗔 𝗔𝗠𝗟 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝟮𝟬𝟮𝟲 | 𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁 𝗦𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻𝗶𝗻𝗴 𝗔𝗠𝗟/𝗖𝗙𝗧 𝗖𝗮𝗽𝗮𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀 𝗔𝗰𝗿𝗼𝘀𝘀 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘁𝗼𝗿 – 𝗕𝘆 𝘁𝗵𝗲 𝗔𝗹𝗹𝗶𝗮𝗻𝗰𝗲 𝗼𝗳 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗘𝗻𝘁𝗶𝘁𝗶𝗲𝘀 𝗶𝗻 𝗜𝗻𝗱𝗶𝗮 𝗳𝗼𝗿 𝗔𝗠𝗟/𝗖𝗙𝗧 (𝗔𝗥𝗜𝗙𝗔𝗖) At the IFSCA AML Conference 2026, 𝗠𝗿. 𝗦𝗮𝗻𝗱𝗲𝗲𝗽 𝗝𝗵𝗶𝗻𝗴𝗿𝗮𝗻, 𝗚𝗿𝗼𝘂𝗽 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿, 𝗔𝗥𝗜𝗙𝗔𝗖/𝗜𝗔𝗠𝗔𝗜, highlighted the importance of industry collaboration, capacity building and knowledge-sharing in strengthening India’s anti-money laundering and countering the financing of terrorism (AML/CFT) framework. The session outlined ARIFAC’s role as an industry-led initiative under the Internet and Mobile Association of India (IAMAI), bringing together reporting entities and stakeholders to advance collective responses to evolving financial crime risks. 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 𝗶𝗻𝗰𝗹𝘂𝗱𝗲𝗱 : 🔹 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻: ARIFAC’s institutional structure, including the Payments Council of India, Tech Convergence Council and RegTech/SupTech initiatives, provides platforms for dialogue and collaboration across the financial services ecosystem. 🔹 𝗔𝗱𝘃𝗼𝗰𝗮𝗰𝘆 𝗮𝗻𝗱 𝗧𝗵𝗼𝘂𝗴𝗵𝘁 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽: Its activities include policy advocacy, industry reports, knowledge-sharing events, market-access programmes and initiatives such as the two-day FinSight programme. 🔹 𝗖𝗮𝗽𝗮𝗰𝗶𝘁𝘆 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴: Online AML/CFT courses and training initiatives aim to strengthen the practical capabilities of professionals and institutions in identifying, assessing and mitigating financial crime risks. 🔹 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝘃𝗲 𝗪𝗼𝗿𝗸𝗶𝗻𝗴 𝗚𝗿𝗼𝘂𝗽𝘀: Proposed areas of focus include cross-border mule-account screening, emerging financial crime typologies and RegTech/SupTech solutions to improve detection and supervisory effectiveness. 🔹 𝗖𝗼𝗻𝘁𝗶𝗻𝘂𝗼𝘂𝘀 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗘𝗻𝗴𝗮𝗴𝗲𝗺𝗲𝗻𝘁: Regular outreach with FIU-IND and sectoral stakeholders can facilitate the exchange of insights, strengthen awareness of emerging threats and promote coordinated responses across reporting entities. 🔹 𝗦𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻𝗶𝗻𝗴 𝘁𝗵𝗲 𝗜𝗙𝗦𝗖 𝗘𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺: The session also discussed plans for greater engagement in GIFT City and encouraged institutions to contribute to the development of relevant training programmes and industry initiatives. The session reinforced that an effective AML/CFT ecosystem requires collective responsibility, continuous learning and sustained collaboration between regulators, reporting entities and industry bodies. Shared expertise and practical capacity building can help strengthen risk detection, improve compliance outcomes and support a more resilient financial system. #IFSCA #IFSCAAMLConference2026 #ARIFAC #FIUIndia #FinancialCrimeCompliance

𝗜𝗙𝗦𝗖𝗔 𝗔𝗠𝗟 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝟮𝟬𝟮𝟲 | 𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁 𝗕𝗲𝗻𝗲𝗳𝗶𝗰𝗶𝗮𝗹 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 𝗶𝗻 𝗖𝗼𝗺𝗽𝗹𝗲𝘅 𝗢𝗳𝗳𝘀𝗵𝗼𝗿𝗲 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲𝘀 At the IFSCA AML Conference 2026, 𝗠𝗿. 𝗜𝗻𝗱𝘂𝘃𝗮𝗻𝘁 𝗧𝗼𝗺𝗮𝗿, 𝗠𝗗, 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝗺𝗲 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲, 𝗥𝗶𝘀𝗸 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗲, 𝗣𝘄𝗖 𝗜𝗻𝗱𝗶𝗮, highlighted the importance of identifying and verifying beneficial owners (BOs) to strengthen transparency and prevent the misuse of complex offshore structures for money laundering and other financial crimes. The session explored the challenges posed by opaque ownership chains, inconsistent data quality and the limited public accessibility of beneficial ownership registers across jurisdictions, underscoring the need for a robust, risk-based approach to customer due diligence. 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 𝗶𝗻𝗰𝗹𝘂𝗱𝗲𝗱 : 🔹𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 : The discussion covered the FATF Recommendations on risk-proportionate customer due diligence, Recommendations 24 and 25 concerning the beneficial ownership transparency of legal persons and legal arrangements, and the relevance of the IFSCA Master Circular. 🔹𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝘆𝗶𝗻𝗴 𝗥𝗲𝗱 𝗙𝗹𝗮𝗴𝘀: Unexplained ownership structures lacking a clear commercial rationale, changes in ownership around significant transactions, shell companies and links to high-risk jurisdictions were highlighted as indicators warranting closer scrutiny. 🔹 𝗩𝗲𝗿𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗕𝗲𝘆𝗼𝗻𝗱 𝗗𝗲𝗰𝗹𝗮𝗿𝗮𝘁𝗶𝗼𝗻𝘀: Where reliable independent information is unavailable, seeking information from the client may be necessary. However, customer declarations should be assessed alongside available records and corroborating evidence. 🔹 𝗦𝗲𝗻𝗶𝗼𝗿 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗮𝘀 𝗮 𝗟𝗮𝘀𝘁 𝗥𝗲𝘀𝗼𝗿𝘁: Identifying senior management officials as beneficial owners should be a measure of last resort, where applicable under the prescribed framework, and not a substitute for reasonable efforts to identify the actual beneficial owner. 🔹𝗔 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲𝗱 𝗔𝗽𝗽𝗿𝗼𝗮𝗰𝗵 𝘁𝗼 𝗕𝗲𝗻𝗲𝗳𝗶𝗰𝗶𝗮𝗹 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽: The session emphasised a continuous framework of Identify, Verify, Corroborate, Challenge and Monitor to establish ownership and control, resolve inconsistencies and reassess risks as circumstances evolve. 🔹 𝗟𝗲𝘀𝘀𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝗜𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗖𝗮𝘀𝗲𝘀: The discussion referred to the Estonia branch of a European bank and the substantial cross-border financial flows associated with deficiencies in beneficial ownership checks, illustrating the potential consequences of inadequate controls. The session reinforced that beneficial ownership transparency requires more than collecting ownership declarations—it demands verification, corroboration, ongoing monitoring and effective challenge of complex ownership structures. Robust implementation of these measures is essential to strengthening the integrity of the IFSC ecosystem and the effectiveness of its AML/CFT framework. #IFSCA #IFSCAAMLConference2026 #BeneficialOwnership #FinancialCrimeCompliance

𝗜𝗙𝗦𝗖𝗔 𝗔𝗠𝗟 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝟮𝟬𝟮𝟲 | 𝗩𝗶𝗿𝘁𝘂𝗮𝗹 𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗦𝘁𝗮𝗰𝗸𝘀 𝗳𝗼𝗿 𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝘀 (𝗕𝗲𝘆𝗼𝗻𝗱 𝗣𝗮𝘀𝘀𝗽𝗼𝗿𝘁𝘀) At the IFSCA AML Conference 2026, 𝗠𝗿. 𝗗𝗮𝗿𝗿𝗲𝗻 𝗬𝗮𝗻, 𝗔𝗣𝗔𝗖 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽𝘀 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿, 𝗦𝘂𝗺𝘀𝘂𝗯, 𝗦𝗶𝗻𝗴𝗮𝗽𝗼𝗿𝗲, delivered a virtual session on strengthening digital identity verification for foreign nationals, highlighting the need to move beyond passport-based checks towards a comprehensive, risk-based approach to identity assurance and customer due diligence. 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 𝗶𝗻𝗰𝗹𝘂𝗱𝗲𝗱 : 🔹𝗔 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲𝗱 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 : A four-step framework was outlined to assess the trustworthiness of the source, verify the authenticity of identity evidence and its linkage to the applicant, establish relevant identity attributes, and document the rationale for the risk decision. 🔹𝗔𝘂𝘁𝗵𝗲𝗻𝘁𝗶𝗰𝗶𝘁𝘆 𝗕𝗲𝘆𝗼𝗻𝗱 𝗜𝗺𝗮𝗴𝗲𝘀: The session highlighted techniques such as NFC chip reading and digital signature validation to strengthen the verification of identity documents beyond visual inspection. 🔹𝗔𝗱𝗱𝗿𝗲𝘀𝘀𝗶𝗻𝗴 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗔𝘁𝘁𝗮𝗰𝗸𝘀: Presentation attacks, including the use of masks, photographs and screen-based images, as well as injection attacks, were discussed. Regular testing of detection algorithms and verification controls was emphasised to address evolving threats. 🔹 𝗖𝗹𝗼𝘀𝗶𝗻𝗴 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗮𝗻𝗱 𝗗𝘂𝗲 𝗗𝗶𝗹𝗶𝗴𝗲𝗻𝗰𝗲 𝗚𝗮𝗽𝘀: Identity evidence alone may not resolve all risks. Where gaps remain, institutions should seek additional evidence, conduct enhanced due diligence where warranted, or escalate cases for further review. 🔹𝗖𝗿𝗼𝘀𝘀-𝗕𝗼𝗿𝗱𝗲𝗿 𝗕𝗲𝗻𝗲𝗳𝗶𝗰𝗶𝗮𝗹 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗩𝗲𝗿𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: The importance of establishing clear links between identity, role and supporting evidence was highlighted, particularly where beneficial owners and authorised signatories are located in different jurisdictions. 🔹𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆-𝗘𝗻𝗮𝗯𝗹𝗲𝗱 𝗢𝗻𝗯𝗼𝗮𝗿𝗱𝗶𝗻𝗴 𝗖𝗼𝗻𝘁𝗿𝗼𝗹𝘀: A demonstration illustrated how a policy manual could be used with a large language model (LLM) to configure onboarding workflows based on factors such as country, product and risk score. The session also emphasised the need for clear evidence pathways, regularly tested controls and retrievable decision records. The session reinforced that trusted digital identity requires more than document verification—it requires verifiable evidence, risk-sensitive decision-making, robust technology controls and clear accountability. These elements are essential to enabling secure cross-border onboarding while maintaining the integrity of the IFSC’s AML/CFT framework. #IFSCA #IFSCAAMLConference2026 #DigitalIdentity #CustomerDueDiligence #ArtificialIntelligence #RegTech #FinancialCrime

𝗜𝗙𝗦𝗖𝗔 𝗔𝗠𝗟 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝟮𝟬𝟮𝟲 | 𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁 𝗗𝗲𝗺𝗼𝗻𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝗣𝗮𝗽𝗲𝗿𝗹𝗲𝘀𝘀 𝗢𝗻𝗯𝗼𝗮𝗿𝗱𝗶𝗻𝗴 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗮 𝗡𝗼𝗻-𝗙𝗮𝗰𝗲-𝘁𝗼-𝗙𝗮𝗰𝗲 𝗝𝗼𝘂𝗿𝗻𝗲𝘆 𝗳𝗼𝗿 𝗣𝗲𝗿𝘀𝗼𝗻𝘀 𝗥𝗲𝘀𝗶𝗱𝗲𝗻𝘁 𝗢𝘂𝘁𝘀𝗶𝗱𝗲 𝗜𝗻𝗱𝗶𝗮, 𝗶𝗻𝗰𝗹𝘂𝗱𝗶𝗻𝗴 𝗡𝗥𝗜𝘀, 𝗢𝗖𝗜𝘀 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝘀 At the IFSCA AML Conference 2026, 𝗠𝗿. 𝗔𝘀𝗵𝗶𝘀𝗵 𝗝𝗵𝗮, 𝗖𝗼-𝗙𝗼𝘂𝗻𝗱𝗲𝗿 & 𝗖𝗘𝗢, 𝗥𝘂𝗽𝗲𝗲𝗳𝗹𝗼 demonstrated a paperless, non-face-to-face onboarding workflow for non-resident Indians (NRIs), Overseas Citizens of India (OCIs), foreign nationals and corporates, highlighting the role of digital processes in facilitating customer onboarding while maintaining appropriate verification safeguards. 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 𝗶𝗻𝗰𝗹𝘂𝗱𝗲𝗱 : 🔹 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲𝗱 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗪𝗼𝗿𝗸𝗳𝗹𝗼𝘄 : A unified process covering document upload, identity verification, notarisation and electronic signing was demonstrated, illustrating how multiple onboarding requirements can be addressed through a streamlined digital journey. 🔹 𝗠𝘂𝗹𝘁𝗶𝗽𝗹𝗲 𝗩𝗲𝗿𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗠𝗲𝗰𝗵𝗮𝗻𝗶𝘀𝗺𝘀 : The demonstration covered different verification options, including Video-based Customer Identification Process (V-CIP), Aadhaar face authentication and digital notarisation, depending on the investor’s profile and eligibility. 🔹 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗡𝗼𝘁𝗮𝗿𝗶𝘀𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝗘-𝗦𝗶𝗴𝗻𝗮𝘁𝘂𝗿𝗲𝘀 : The workflow included a video session with a notary for notarisation, followed by electronic signing using a Class 3 Digital Signature Certificate (DSC). 🔹 𝗥𝗲𝗮𝗹-𝗧𝗶𝗺𝗲 𝗘𝗿𝗿𝗼𝗿 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 : Automated alerts for document-related errors were demonstrated, enabling investors to address deficiencies during the onboarding process and potentially reduce delays. 🔹 𝗔𝗱𝗱𝗿𝗲𝘀𝘀𝗶𝗻𝗴 𝗖𝗿𝗼𝘀𝘀-𝗕𝗼𝗿𝗱𝗲𝗿 𝗢𝗻𝗯𝗼𝗮𝗿𝗱𝗶𝗻𝗴 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀: The session highlighted the notarisation route for investors who do not possess Aadhaar or an Indian mobile number, illustrating the importance of providing suitable verification alternatives for overseas customers. The demonstration also highlighted the potential to complete onboarding in approximately 60 minutes, based on the workflow presented, and referenced the platform’s experience across 25+ institutions and 30,000+ global investors served. The session underscored the importance of technology-enabled, accessible and secure customer onboarding, supported by appropriate identity verification, documentary safeguards and risk-based customer due diligence, in strengthening the international reach of the IFSC ecosystem. #IFSCA #IFSCAAMLConference2026 #DigitalOnboarding

𝗜𝗙𝗦𝗖𝗔 𝗔𝗠𝗟 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝟮𝟬𝟮𝟲 | 𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁 𝗦𝗰𝗿𝗲𝗲𝗻𝗶𝗻𝗴 𝗔𝗹𝗲𝗿𝘁 𝗗𝗲𝗰𝗶𝘀𝗶𝗼𝗻 𝗨𝘀𝗶𝗻𝗴 𝗔𝗿𝘁𝗶𝗳𝗶𝗰𝗶𝗮𝗹 𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲 At the IFSCA AML Conference 2026, 𝗠𝗿. 𝗦𝗮𝗴𝗮𝗿 𝗧𝗮𝗻𝗻𝗮, 𝗙𝗼𝘂𝗻𝗱𝗲𝗿 & 𝗖𝗘𝗢, 𝗧𝗦𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝗻𝗰𝘆 ,demonstrated how Artificial Intelligence (AI) can strengthen screening alert analysis and enhance the efficiency of customer due diligence and financial crime risk assessment. The session showcased technology-enabled solutions for streamlining investigations, identifying potential red flags and supporting informed decision-making. 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 𝗶𝗻𝗰𝗹𝘂𝗱𝗲𝗱 : 🔹 𝗔𝗜-𝗣𝗼𝘄𝗲𝗿𝗲𝗱 𝗔𝗹𝗲𝗿𝘁 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 : A live demonstration illustrated how the AI agent analyses screening cases, generates recommendations and prepares executive summaries to support investigators in reviewing alerts efficiently. 🔹 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗗𝘂𝗲 𝗗𝗶𝗹𝗶𝗴𝗲𝗻𝗰𝗲 : An open-source due diligence demonstration showcased how inputs such as mobile numbers and email addresses can be used to gather information across multiple platforms and identify potential risk indicators. 🔹 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆-𝗘𝗻𝗮𝗯𝗹𝗲𝗱 𝗥𝗶𝘀𝗸 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: The session highlighted the potential of AI-driven tools to synthesise information, flag inconsistencies and assist in prioritising cases requiring further investigation. 🔹𝗛𝘂𝗺𝗮𝗻 𝗢𝘃𝗲𝗿𝘀𝗶𝗴𝗵𝘁 𝗮𝗻𝗱 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 : Emphasising the importance of responsible technology adoption, the session reinforced that AI should support due diligence and investigative processes, while the final decision must remain with the human reviewer. The session underscored how the effective integration of AI, reliable information and human judgement can enhance screening efficiency, strengthen risk identification and support a more responsive AML/CFT framework. #IFSCA #IFSCAAMLConference2026 #ArtificialIntelligence #RegTech #CustomerDueDiligence #FinancialCrime