The Insurance Regulatory and Development Authority (IRDAI) on March 20, 2023, issued a circular regarding Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2023 with reference to gazette notification dated March 07, 2023, and Master Guidelines on AML/CFT, 2022 issued by the Authority vide ref: IRDAI/IID/GDL/MISC/160/8/2022 dated August 01, 2022.
In this regard, the Master Guidelines dated August 01, 2022, is amended as under:
• Clause 3.14 of the Master Guidelines is substituted, namely: -
“3.14 “Politically Exposed Persons (PEPs)” shall have the meaning assigned to it under sub-clause (db) of clause (1) of Rule 2 of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.”
The insurers are requested to note the amendments notified to PML Rules vide above mentioned gazette notification and take necessary steps to implement the same in terms of para 1.2 of the Master Guidelines.
Disclaimer – Kindly find the gazette notification in the Link/Document.
[Circular no. IRDAI/IID/CIR/MISC/71/3/2023]
