IRDAI Master Guidelines on Anti-Money Laundering (AML/CFT), 2022
The Insurance Regulatory and Development Authority of India (IRDAI) has issued consolidated Master Guidelines on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT), 2022, applicable to Life, General, and Health Insurers. The guidelines mandate strict compliance with Customer Due Diligence (CDD), Know Your Customer (KYC) norms, enhanced risk categorization, ongoing monitoring of transactions, and reporting obligations to FIU-IND under the Prevention of Money Laundering Act (PMLA). Insurers are required to implement robust internal controls, appoint a Designated Director and Principal Officer, maintain transaction records, and ensure compliance with statutory AML frameworks to prevent financial crimes and misuse of insurance channels.
