FIU-IND and IRDAI sign MoU for enhanced coordination and information exchange
The MoU was signed by Vivek Aggarwal, Director, FIU-IND, and Satyajit Tripathy, Member (Distribution), IRDAI, as per the release.
FIU-IND and IRDAI sign MoU for enhanced coordination and information exchange
The Financial Intelligence Unit of India (FIU-IND) and the Insurance Regulatory and Development Authority of India (IRDAI) have signed a Memorandum of Understanding (MoU), according to a press release from the Ministry of Finance. The release states that this MoU will aid in the ongoing collaborative efforts to effectively implement the requirements of the Prevention of Money Laundering Act and the associated rules.
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 cooperation in anti-money laundering and combating the financing of terrorism (AML/CFT), the Ministry of Finance stated.
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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 emphasizes 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 was established in 2004 by the Government of India to help prevent and fight money laundering and related crimes.
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