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𝐁𝐨𝐨𝐤-𝐤𝐞𝐞𝐩𝐢𝐧𝐠, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠, 𝐓𝐚𝐱𝐚𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐂𝐫𝐢𝐦𝐞 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 (𝐁𝐀𝐓𝐅) 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬

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    The International Financial Services Centres Authority (IFSCA) has recently rolled out the 𝐁𝐨𝐨𝐤-𝐤𝐞𝐞𝐩𝐢𝐧𝐠, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠, 𝐓𝐚𝐱𝐚𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐂𝐫𝐢𝐦𝐞 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 (𝐁𝐀𝐓𝐅) 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐉𝐮𝐧𝐞 2024. We are thrilled to share a snapshot of the permissible activities and essential considerations to keep in mind before setting up a BATF unit.

    Permissible Activities

    Book-keeping Services

    • Inclusion: Classify and record transactions, including payroll ledgers in books of account
    • Exclusion: Does not include payroll management and taxation services

    Accounting Services (excluding audit)

    • Inclusion: Review, compilation, preparation, and analysis of financial statements
    • Exclusion: Audit; Review and compilation without any assurance and attestation

    Taxation Services

    • Offer tax consultation, preparation, and planning
    • Advise on all forms of direct and indirect taxes
    • Prepare and file various tax returns

    Financial Crime Compliance Services

    • Render compliance services of AML/CFT measures, FATF recommendations, and related activities

    Additional Requirements

    • Legal Form: Company or LLP
    • Service Recipient: Non-resident and does not reside in a high-risk jurisdiction identified by FATF.*
    • Minimum Office Space Criteria: 60 sq. ft. per employee

    *Please refer to the list of High-Risk Jurisdictions – February 2024.

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