To All the Insurers,
Guidelines on Anti-Money Laundering Programme for Insurers
The Central Government in consultation with the Reserve Bank of India has brought about amendment to the Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and intermediaries) Rules, 2005 vide the gazette notification No. G.S.R. 389 (E) dated 24 th May, 2007, available at the following link “The Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Amendment Rules, 2007”. Pursuant to the amendment to the said rules, the words “3 working days” in Para 3.1.7 in the circular no. 043/IRDA/LIFE/AML/MAR-06 dated 31 st March 2006 on ‘Guidelines on Anti Money Laundering Programme for Insurers’ may be read as “7 working days”. All insurers are requested to take note of the above change and also take the changes in PML Rules on record.
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