The International Financial Services Centres Authority (IFSCA) has proposed measures to streamline know your customer (KYC) processes, including assigning a unique identification number to each client that can be used across regulated entities in GIFT-IFSC.
According to a consultation paper issued on June 26, KYC Registration Agencies (KRAs) will generate this unique code for every client in their database. The identifier will allow clients to use their verified KYC credentials for onboarding and availing services with multiple regulated entities, removing duplication in the process.
The proposal is part of a draft circular aimed at integrating all regulated entities in IFSCs with KRAs to promote ease of doing business. Under the framework, entities will be required to integrate with at least one KRA for uploading, storing, retrieving, and updating KYC records of clients.
Regulated entities must complete integration within two months of the circular’s issuance. All new clients onboarded on or after September 1, 2026, must have their KYC details uploaded to the KRA system. For clients onboarded prior to this date, entities will be required to upload KYC records by October 30, 2026.
Where KYC information already exists in the system, entities will need to download, verify, and update the records to ensure that the latest information is maintained.
The framework builds on the IFSCA (KYC Registration Agency) Regulations, 2025, which mandate uploading of KYC data within three working days of completion of the process.
However, the mandate will not be applicable on certain activities or entities which are exempted under the IFSCA (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022.
The GIFT City regulator has invited comments from stakeholders on the draft circular, with submissions open until July 16, 2026.
