The Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (IRDAI) have signed a Memorandum of Understanding (MoU) to enhance coordination and information exchange in combating money laundering and financing of terrorism.
The MoU was signed by Shri Vivek Aggarwal, Director, FIU-IND, and Shri Satyajit Tripathy, Member (Distribution), IRDAI. This collaboration underscores their commitment to effectively implementing the Prevention of Money Laundering Act (PMLA) and its associated rules.
Under the MoU, the two entities will cooperate in several key areas, including:
- Appointment of nodal officers for streamlined communication.
- Sharing of intelligence and information from their respective databases.
- Establishing procedures for reporting to FIU-IND under the PMLA framework.
- Conducting training and outreach programs for regulated entities.
- Enhancing Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) skills within the insurance sector.
- Identifying red flag indicators for suspicious transaction reports (STRs).
- Supervising compliance with PMLA, its rules, and IRDAI guidelines.
Additionally, both organizations will hold quarterly meetings to review trends, typologies, and enforcement actions related to AML/CFT measures.
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This partnership is expected to fortify the regulatory framework, mitigate risks, and ensure the insurance sector remains vigilant against money laundering and terrorism financing activities.
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