IRDA Master Circular

Hello sir, I am Subhash. I am from Mumbai. I want you to help me by providing me with the Mater Circular for Anti‐Money Laundering/ Counter‐ Financing of Terrorism (AML/CFT) released by Insurance Regulatory and Development Authority (IRDA). Can you help me?

[Rajkumar Agarwal]

As you have asked about the Mater Circular for Anti‐Money Laundering/ Counter‐ Financing of Terrorism (AML/CFT) released by Insurance Regulatory and Development Authority (IRDA), I am giving you information about it, check below for the details

The master circular contains following contents
Background:
What is Money Laundering?

AML/CFT Program
Internal policies, procedures, and controls:
Know Your Customer (KYC) Norms
What are KYC Norms?
When should KYC be done?
i Knowing New Customers
ii Knowing Existing Customers
iii KYC on Ongoing Basis

KYC and Risk Profile of the Customer
Products to be covered:
Sources of Funds:
Verification at the time of redemption/ surrender

Reporting Obligations:
i Suspicious Transactions Reports:
ii Monitoring and Reporting of Cash Transactions
iii Reporting of receipts by NonProfit Organisations
iv Reporting of Counterfeit Currency/Forged Bank notes
(CCR):

Implementation of Section A of UAPA Record Keeping


IRDA Master Circular







For more, you can refer to the attached file