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  #1  
June 3rd, 2016, 12:22 PM
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KYC Norms As Per Irda

Sir I am an agent of an insurance company and I want to know that hewat are the KYC norms of the IRDA soc an you please brief me
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  #2  
June 3rd, 2016, 12:53 PM
Super Moderator
 
Join Date: Mar 2012
Re: KYC Norms As Per Irda

Hey the IRDA takes the KYC norms responsibility to ensure Anti-Money laundering Counter Financing of Terrorism (AML/CFT)

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

KYC Norms

To prevent the potential threat of usage of the financial services by a money launderer, insurance company should make reasonable efforts to determine the true identity of customers

Client is a juridical person, verification of identity is required to be carried out on persons purporting to act and is authorized to act on behalf of a customer.

It is required to carry out KYC norms at the settlement stage

The KYC norms shall apply on the customers on whose behalf service providers act.

To detect possible attempts of money laundering or financing of terrorism, einsurer needs to have an AML/CFT program:

Internal policies, procedures, and controls;

Appointment of a Principal compliance officer;

Recruitment and training of employees/agents;

Internal Control/Audit;

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


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