Financial intelligence unit, IRDAI sign MoU to enhance information exchange
This story was originally published at 19:56 IST on 6 January 2025
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NEW DELHI – The Financial Intelligence Unit-India and the Insurance Regulatory and Development Authority of India on Monday signed a memorandum of understanding to increase coordination and information exchange for the effective implementation of the Prevention of Money Laundering Act and rules, the finance ministry said in a release.
As per the pact, the financial intelligence unit and IRDAI will cooperate with each other in areas of mutual interest, including sharing relevant intelligence and information. They will work together to identify anti-money laundering and combating financing of terrorism risks and vulnerabilities in insurance sector, the release said.
Other areas of cooperation would include identifying red flags for suspicious transaction reports in the insurance sector, and laying down the procedure and manner in which the regulated entities report to the financial intelligence unit under the Prevention of Money Laundering rules, the release said.
The two sides will hold quarterly meetings to discuss the progress under the memorandum of understanding, and trends in anti-money laundering and combating financing of terrorism crimes, in cases where sanctions have been imposed, the release said. End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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