Irdai tightens anti-money laundering rules for insurance companies

The guidelines come as the regulator is preparing the ground for a larger exposure of foreign companies and a wider range of domestic financial sector companies to enter the sector

Irdai tightens anti-money laundering rules for insurance companies
Globally, all regulators are upping the ante on these risks
Subhomoy Bhattacharjee New Delhi
1 min read Last Updated : Aug 02 2022 | 12:34 AM IST
The insurance regulator has stiffened the anti-money laundering rules as part of consolidation of the guidelines for the sector.

The rules issued to consolidate and update guidelines on anti-money laundering replaces the assorted norms issued since 2013. The key change is that exemptions and relaxations from the guidelines for companies have been done away with. So no life, general, or health insurer can claim any relaxations to comply with the money-laundering rules, as set out by the Reserve Bank of India.

Also, the Insurance Regulatory and Development Authority has made the level of risk assessment a function of the size of the business of the companies. So the “periodicity of conducting anti-money laundering and counter financing of terrorism programme review and compliance audit and risk assessment (shall) not be fixed but based on risk exposure by the insurer”.

The guidelines come as the regulator is preparing the ground for a larger exposure of foreign companies and a wider range of domestic financial sector companies to enter the sector. Globally, all regulators are upping the ante on these risks. 

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :IRDAIInsurance companies

Next Story