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Insurance regulator IRDAI tightens anti-money laundering rules for insurance companies
02-Aug-22   09:44 Hrs IST

As part of consolidating guidelines for the sector, the insurance regulator has tightened anti-money laundering rules.

The rules issued to consolidate and update the anti-money laundering guidelines have replaced various regulations issued since 2013. The main change is that exemptions and relaxations have been removed from the guidelines for companies. Therefore, no life, general or health insurer can claim any relaxation in compliance with the money laundering rules laid down by the Reserve Bank of India.

Also, the Insurance Regulatory and Development Authority (IRDAI) has made the scale of risk assessment a function of the business size of the companies. So the "periodicity of conducting anti-money laundering and counter financing of terrorism programme review and compliance audit and risk assessment (shall) not be fixed but based on risk exposure by the insurer".

The guidelines come as the regulator prepares the ground for a larger exposure of foreign firms and a wide range of domestic financial sector firms to enter the sector. Globally, all regulators are predisposed to these risks.
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