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.

Other Services of Interest

  • Celebrating 1 Year of GDPR - Webinars from Riskpro

    GDPR turns ONE on 25 May 2019. On this Anniversary, lets explore what the last 12 months meant for global companies as it relates to Data Protection and Privacy. Riskpro India has organised 6 GDPR...
  • Procurement Fraud - Riskpro can help

    If you suspect procurement fraud, do contact Riskpro India and we can help to unearth the suspicious activity. Following are some of the ways in which we can help. 1. Review of onboarding...
  • GDPR - Data Privacy Trainings - Six Webinar on GDPR Anniversary - Riskpro

    GDPR turns ONE on 25 May 2019. On this Anniversary, lets explore what the last 12 months meant for global companies as it relates to Data Protection and Privacy. Riskpro India has organised 6 GDPR...
  • HIPAA Awareness Training (Mandatory) - Riskpro India

    EVENT OVERVIEW: HIPAA stands for the Health Insurance Portability and Accountability Act and is a US regulation that deals with security measures for protecting patient’s medical records. Employees...
  • SEBI's Insider Trading Amendment - Free Webinar by Riskpro India

    Another important compliance topic that kicks off today. SEBI Amendment to Insider Trading Regulations. Join us for an hour to learn the important changes and how to deal with these. Register -...
  • Sox Training

    Our sox training covers the following points. 1. What is SOX? 2. The Act and its Sponsorors. 3. The background for bringing in this act. 4. Major Sections in the Act 5. Section 404 overview 6...
  • GDPR Countdown

    Riskpro is working hard so that clients can GDPR deadline as the clock ticks away.
  • EU-US Privacy Shield for Data Transfers

    Come GDPR (General Data Protection Act) and EU-US PRivacy shield will assume more importance. Privacy Shield Overview The Privacy Shield program, which is administered by the International Trade...
  • Reduce your GDPR implementation Costs - Hire GDPR Experts in India

    Reduce cost for GDPR Compliance - Remote Consulting from India GDPR readiness assessment and implementation can be costly. And time is short. Instead of paying premium fees to local GDPR consultants...
  • Go to top