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ARTICLE · 20 OCTOBER 2022

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AML/CFT Guidelines For Insurers 2022

Tuli & Co
Tuli & Co
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Tuli & Co

Tuli & Co

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With the chief objective of fighting money laundering activities in the country and preventing reintroduction of criminal proceeds into regular economy, the Indian...

IndiaGovernment, Public Sector
Celia Jenkins
Celia Jenkins
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Introduction

With the chief objective of fighting money laundering activities in the country and preventing reintroduction of criminal proceeds into regular economy, the Indian Government had introduced a series of targeted measures by enacting the Prevention of Money Laundering Act 2002 (“PMLA”) and the Prevention of Money- Laundering (Maintenance of records) Rules 2005 thereunder (“PML Rules”). This framework imposed various obligation on banking companies, financial institutions and various intermediaries to verify the identity and source of funds of their customers, maintain records, and furnish information in the prescribed form to the Financial Intelligence Unit – India (“FIU-IND”).

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