FIU-IND signs MoU with Irdai for enhanced coordination, information exchange

New Delhi, Jan 6 (PTI) Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (Irdai) on Monday signed a Memorandum of Understanding (MoU) for sharing of intelligence and information to check money laundering.

The MoU was signed as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and Rules, the Finance Ministry said in a statement.

As per the agreement, FIU-IND and Irdai will cooperate in the areas of mutual interest, including sharing of relevant intelligence and information, available in their respective databases.

Laying down procedure and manner in which the regulated entities/reporting entities report to FIU-IND under the PML Rules and conducting outreach and training for regulated entities as per the MoU.

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

Assessment of Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) risks and vulnerabilities in the insurance sector and upgradation of AML/CFT skills in the entities regulated by Irdai will be undertaken following the agreement.

The MoU also envisages identification of red flag indicators for Suspicious Transaction Reports (STRs) in the insurance sector.