Insurance regulatory and development authority irda has issued master circular for the insurance sector on anti. Earlier this year, sebi had modified the provisions related to the valuation of debt and money market instruments by mutual fund houses covered in this blog here. Kyc and aml procedures, as laid down in the master circular dbod. Anti money launderingamlcft guidelinescash acceptance. Insurance regulator irda has asked reliance life insurance company to strengthen procedures for complying with the antimoney laundering norms. Yours faithfully, surabhi gupta deputy general manager phone no. Sebi master circular on anti money laundering aml and combating financing of terrorism cftobligations of intermediaries under prevention of money laundering act, 2002 and rules framed thereunder consolidated upto december 15, 2008 part i over view. Irda master circular amlcft guidelines for insurers h. Master circular 2010 on amlcft guidelines clause 3. Provided that this rule shall not apply to small accounts referred to in section 23 of chapter vi. The authority in order to streamline the preparation of the financial statements of general insurance business, have been issuing various circular guidelines. Comply with antimoney laundering norms, irda tells birla. Circulars circulars letters published in last 3 months. These guidelines are issued under section 35a of the banking regulation act, 1949 and rule 7 of prevention of moneylaundering maintenance of records rules, 2005.
Master circular on antimoney launderingcounter financing of terrorism amlcft guidelines for insurers tg team corporate law notifications circulars. Sebi kyc know your client registration agency regulations, 2011 f. Antimoney laundering aml standards combating of financing of terrorism cftobligation of banks under pmla, 2002 reserve bank of india has issued regulatory guidelines on know your customer kyc norms anti money laundering aml standards combating. Know your customer kyc norms antimoney laundering aml standardscombating of financing of terrorism cftobligation of payment system operators under prevention of money laundering act pmla, 2002 obligation of payment system operators amendment to prevention of moneylaundering maintenance of records rules 20 december 1, 2014. The instructions, contained in the master circular, are applicable to all india financial institutions, all scheduled commercial banks excluding rrbs and local area banks. Banks and financial institutions fis have been advised to follow certain customer identification procedure for. The insurance regulatory and development authority irda said, the receipt of this letter be acknowledged and compliance submitted before december 31, 20. Sebi guidelines on antimoney laundering aml standards. Irda asks reliance life to tighten antimoney laundering. Insurance companies are required to conduct detailed due diligence while taking insurance risk exposure to individualsentities connected with countries identified by fatf as having deficiencies in their amlcft regime. Legal name and any other names used correct permanent address i passport ii pan card iii voters identity card iv driving licencev identity card subject to the banks satisfaction vi letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of bank vii.
Master circular on anti money launderingcounter financing of terrorism amlcft guidelines for insurers. India does not have any law on money laundering which is aimed specifically at lawyers. Sebi master circular on anti money laundering aml and combating financing of terrorism cft obligations of intermediaries under the prevention of money. Sebi guidelines in pursuance of the sebi kyc registration agency kra regulations, 2011 and for inperson verification ipv g. Master circular on preparation of financial statements of. Irda releases master circular on anti money laundering. However, aml master circular of 2010 envisages the life insurers not limiting to mere documentation of income proofs but take appropriate measures which may include conducting independent enquires. The circular incorporates amendments issued till 31 july 2010. This master circular shall supersede the earlier master circular on aml cft dated december 31, 2010. The antimoney laundering legislations are either of general applicability or are limited in their applicability to banks, financial institutions, other financial intermediaries and certain other highrisk businesses. The circular 20111 on financial intermediation under the antimoney laundering contains the implementing provisions for the ordinance on the professional practice of financial intermediation, which entered into force on 1 january 2010. Accounts of individuals legal name and any other names used correct permanent address i passport ii pan card iii voters identity card iv driving license v job card issued by nrega duly signed by an officer of the state govt vi the letter issued by the unique identification authority of india uidai containing details of name, address and aadhaar number.
Master circulars legal guidelines on antimoney laundering aml standards and combating the financing of terrorism cft obligations of securities market intermediaries under the prevention of money laundering act, 2002 and rules framed there under. To read or print pdf, you will need the adobe acrobat reader, version 4. Irda asks reliance life to tighten antimoney laundering norms. The central government in consultation with the reserve bank of india has brought about amendment to the prevention of moneylaundering maintenance of records of the nature and value of transactions, the procedure and manner of maintaining and time for furnishing information and verification and maintenance of records of the identity of the clients of the banking companies, financial. Master circular on know your customer kyc normsantimoney laundering aml standardscombating of financing of terrorism cftobligation of banks under prevention of money laundering act, pmla, 2002. Notwithstanding the existing stipulation where aml checks gain relatively lesser importance in cases where the policy has been assigned to entities regulated by irda rbisebi, insurers are required to ensure that no. Anti money launderingamlcft guidelinescash acceptance threshold october 8, 2011 bimabazaar adminstrator 86 views 0 irda circulars, irda guidelines, irda news irda notification. Master circular for insurance sector on anti money launderingcounter financing of terrorism. Insurance regulatory and development authority of india notification hyderabad, the 20th april, 2017. Master circular on know your customer kyc normsantimoney laundering aml standardscombating financing of terrorism cftobligation of banks and financial institutions under prevention of money laundering act, pmla, 2002. The banks may, if necessary, use the services of the bc for preliminary work relating to account opening formalities.
Master circular on antimoney launderingcounterfinancing. Securities and exchange board of india is made for protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto. Sebi release master circular on antimoney laundering. Guidelines on antimoney laundering programme for insurers. The norms would be applicable from august 1, 2010 as opposed to the old deadline of july 1, 2010. The application of antimoney laundering measures to nondepository financial institutions generally, and to the life insurers in particular, has also been emphasized by international regulatory. Insurance sector has entered into sixth year of effective amlcft regime. This is in violation of clause 3 i of aml master circular dated september 24, 2010, the letter said.
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