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Industry Specific - Insurance Central Ministry of Finance Insurance Act, 1938

Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2023

20-Mar-2023 | Ref: IRDAI/IID/CIR/MISC/71/3/2023

IRDAI has issued the Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2023, amending the provisions of the Master Guidelines dated 1st August 2022, effective from 20th March 2023.
The highlights of the amendment are:
1. Modification in the definition of the Politically Exposed Persons (PEPs) which shall have the meaning assigned to it under Rule 2(1)(db) of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.
2. Insurers will take note to establish an anti-money laundering program in terms of para 1.2 of the Master Guidelines
stating their responsibility for guarding against insurance products and services being used to launder unlawfully derived funds or to finance terrorist acts.

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