IRDA and FIU IND align AML processes

IRDA & FIU-IND has signed a Memorandum of Understanding (MoU) on cooperation as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering legislation.

Following the MOU, IRDA and FIU-IND will cooperate with each other in areas of mutual interest including the following:
a) Sharing of intelligence and information available in their respective databases.
b) Laying down procedure and manner in which the reporting entities report to FIU-IND.
c) Conducting outreach and training for reporting entities.
d) Upgradation of Anti-Money laundering/Combating Financing of Terrorism (AML/CFT) skills reporting entities regulated by IRDA.
e) Assessment of AML/CFT risks and vulnerabilities in the insurance sector.
f) Identification of red flag indicators for Suspicious Transaction Reports (STRs) in the insurance sector.
g) Supervising and monitoring the compliance of reporting entities with their obligations under PMLA.
h) Compliance with each other’s obligations under the relevant international standards.

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