New Delhi: The Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (IRDAI) signed a Memorandum of Understanding (MoU) as part of continued coordinated efforts in the effective implementation of requirements of the Prevention of Money Laundering Act and Rules framed thereunder, in New Delhi, on Monday.

The MoU was signed by Vivek Aggarwal, Director, FIU-IND and Satyajit Tripathy, Member (Distribution), IRDAI.

According to the MoU, FIU-IND and IRDAI will cooperate with each other in areas of mutual interest, including the appointment of a nodal officer and an alternate nodal officer by each party to the MoU, sharing of relevant intelligence and information available in their respective databases, and laying down procedures for how the regulated entities and reporting entities report to FIU-IND under the PML Rules.

Other areas of cooperation include conducting outreach and training for regulated entities and reporting entities, upgrading AML/CFT skills in the regulated entities and reporting entities regulated by IRDAI, assessing AML/CFT risks and vulnerabilities in the insurance sector, identifying red flag indicators for Suspicious Transaction Reports (STRs) in the insurance sector, and supervising and monitoring the compliance of regulated entities and reporting entities with their obligations under PMLA, PML Rules, and IRDAI Guidelines.

The MoU also involves compliance with each other's obligations under relevant international standards and the conduct of quarterly meetings to discuss typologies and trends in AML/CFT crimes, cases where sanctions have been imposed, and other related matters.

BI Bureau