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FIU-IND and IRDAI sign MoU for information exchange

By TIOL News Service

NEW DELHI, JAN 07, 2025: THE Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (IRDAI) signed a Memorandum of Understanding (MoU) as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and Rules framed thereunder, in New Delhi, today.

The MoU was signed by Vivek Aggarwal, Director, FIU-IND and Satyajit Tripathy, Member (Distribution), IRDAI.

According to the MoU, FIU-IND and IRDAI will cooperate with each other in the areas of mutual interest, including the following:

I. Appointment of a nodal officer and an alternate nodal officer by each party to the MoU.

II. Sharing of relevant intelligence and information, available in their respective databases.

III. Laying down procedure and manner in which the regulated entities/ reporting entities report to FIU-IND under the PML Rules.

IV. Conducting outreach and training for regulated entities /reporting entities.

V. Upgradation of AML/CFT skills in the regulated entities / reporting entities regulated by IRDAI.

VI. Assessment of Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) risks and vulnerabilities in insurance sector.

VII. Identification of red flag indicators for Suspicious Transaction Reports (STRs) in insurance sector.

VIII. Supervising and monitoring the compliance of regulated entities / reporting

entities with their obligations under PMLA, PML Rules and IRDAI Guidelines.

IX. Compliance with each other's obligations under the relevant international standards.

X. Conduct of quarterly meeting to discuss the above in addition to typologies/trends in AML/CFT crimes, cases where sanctions have been imposed etc.


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