To,

All the Insurers,

Dear Sir/Madam,
           
Further to our circular no. Circular No. 019/IRDA/LIFE/ SEP-06 dated September 26, 2006 on “Guidelines on Anti-Money Laundering Programme for Insurers”, we advise that the constraints faced by the insurance industry in complying with the requirement of obtaining a recent photograph of the individuals for all new contracts were apprised to FIU-IND as indicated in para 2 of the referred circular.

We are in receipt of a communication from FIU-IND wherein they have indicated that, it is fully justified to obtain a recent photograph from an individual client in view of the objective of the PMLA.

In view of the stand taken by FIU-IND, all the insurers are required to comply with the requirement of Rule 9 of the PMLA rules in the implementation of the guidelines.


Yours faithfully,


(C. R. Muralidharan)
Member