Irdai issues draft anti money laundering rules for selling insurance policies

To enhance the anti-money laundering and counter terror financing process IRDAI has come up with a new draft guideline for the insurance companies to follow in their sales and operation going forward. These guidelines shall be called as Master Guidelines on Anti-Money laundering/Counter Financing of Terrorism (AML/CFT) for all the insurers. Once implemented, customers buying insurance policies will also have to adhere to these new guidelines under which they will be required to share some additional information in the KYC and AML declarations. These guidelines would come into force after three months from the date of notification.

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