New Delhi [India], January 6 (ANI): The Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (IRDAI) on Monday signed a Memorandum of Understanding (MoU), the Ministry of Finance stated in a press release.
The release added that the MoU will be helpful to continue the coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and Rules framed thereunder.
The MoU was signed by Vivek Aggarwal, Director, FIU-IND and Satyajit Tripathy, Member (Distribution), IRDAI, as per the release.
The MoU between FIU-IND and IRDAI focuses on mutual cooperation in anti-money laundering and combating the financing of terrorism (AML/CFT), the ministry of finance stated.
As per the ministry, the key points of the MoU include appointing nodal officers, sharing intelligence, defining reporting procedures under PML Rules, and conducting training and skill upgrades for regulated entities.
The MoU also emphasises risk assessments, identifying red flag indicators for suspicious transactions in the insurance sector, and ensuring compliance with AML/CFT obligations and international standards, as per the ministry.
Additionally, quarterly meetings will be held to discuss AML/CFT trends, typologies, and sanctions-related cases, the release added.
FIU-IND stands for Financial Intelligence Unit-India, a national agency that receives, analyses, and shares information about suspicious financial transactions.
FIU-IND was established in 2004 by the Government of India to help prevent and fight money laundering and related crimes.
While Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDA Act, 1999) for overall supervision and development of the Insurance sector in India. (ANI).
The key objectives of the IRDAI include protecting the interest of policyholders, speedy and orderly growth of insurance industry, speedy settlement of genuine claims, effective grievance redressal mechanism, promoting fairness, transparency and orderly conduct in financial markets dealing with insurance, prudential regulation while ensuring the financial security of the Insurance market. (ANI)
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