IRDAI amends Master Guidelines on AML/CFT


The Insurance Regulatory and Development Authority of India (IRDAI) has amended its Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrorism (AML/CFT). The Circular in this respect was issued on 20th March, 2023.

The IRDAI had issued its Master Guidelines on AML/CFT on 1st August, 2022. However, in view of the changes brought forth through the Prevention of Money-Laundering (Maintenance of Records) Amendment
Rules, 2023
, (PML Rules) it has amended its Master Guidelines.

The Master Circular now defines “Politically Exposed Persons (PEPs)” and assigns them the meaning as per the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.

The PML Rules define a politically exposed persons as “individuals who have been entrusted with prominent public functions by a foreign country, including the heads of States or Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials

Further, the present Circular directs the insurers to take note of the amendments notified to PML Rules and take necessary steps to implement the same.

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