Hello, here I am providing you the details of the IRDA Anti Money Laundering Policy as under:

Intro:
The Prevention of Money Laundering Act (PMLA), 2002 brought into force with effect from 1st July 2005, is applicable to all the financial institutions which include insurance institutions.

What is Money Laundering?
Money Laundering is moving illegally acquired cash through financial systems so that it appears to be legally acquired.

Placement - the physical disposal of cash proceeds derived from illegal activity;
Layering - separating illicit proceeds from their source by creating complex layers of financial transactions designed to disguise the source of money, subvert the audit trail and provide anonymity; and
Integration - creating the impression of apparent legitimacy to criminally derived wealth.

AML/CFT Program
Internal policies, procedures, and controls;
Appointment of a Principal compliance officer;
Recruitment and training of employees/agents;
Internal Control/Audit

When should KYC be done?
In cases where payments are made to third party service providers such as hospitals/ garages/ repairers etc., the KYC norms shall apply on the customers on whose behalf service providers act.

Reporting Obligations:
The AML/CFT program envisages submission of Reports on certain transactions to a Financial Intelligence Unit-India (FIU-IND) set up by the Government of India to track possible money laundering attempts and for further investigation and action.

Contact details:
Insurance Regulatory and Development Authority
Parishram Bhavan, 3rd Floor,
Basheerbagh,
Hyderabad – 500 004
Phone No: +91-40-23381300
Fax No: +91-40-66823334