FIU-IND has signed a MoU with IRDAI to strengthen cooperation in the fight against money laundering.

MOUs and Agreement

On January 6, 2025, the Financial Intelligence Unit-India (FIU-IND) signed a Memorandum of Understanding (MoU) with the Insurance Regulatory and Development Authority of India (IRDAI) to strengthen cooperation between the two organizations in key areas related to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) within the insurance sector.


      - This MoU is part of a broader plan to effectively implement the Prevention of Money Laundering Act, 2002 (PMLA) and its associated rules.

      - The IRDAI is a statutory body established by the IRDA Act, 1999, to oversee and promote the development of the insurance sector in India.

      - The MoU aims to facilitate the exchange of relevant information and intelligence to ensure prompt action on suspicious activities.

Main Point :-   (i) The MoU was signed by Vivek Aggarwal, Director of FIU-IND, and Satyajit Tripathy, Member (Distribution) of IRDAI, in New Delhi.

      (ii) The MoU establishes guidelines for insurance companies to report suspicious transactions under the Prevention of Money Laundering Act (PMLA) and includes training programs by FIU-IND and IRDAI to enhance risk identification skills in the insurance sector.

(iii) Regular evaluations will address vulnerabilities in the insurance sector, enhance AML/CFT compliance, and include appointing nodal officers from FIU-IND and IRDAI for implementation oversight.
About Financial Intelligence Unit (FIU-IND)

Director: Vivek Aggarwal
Headquarters : New Delhi
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