IRDAI vide circular ref no. 810.1/3/SDD/AML-CFT/2022 dated September 14, 2023 has directed insurers to lay down mechanism for implementation of Aadhaar based e-KYC authentication facility as provided by Unique Identification Authority of India (UIDAI) for undertaking KYC of the customers.
The major highlights of the Circular are as follows:
- The insurers, who were already notified by the Department of Revenue (“DoR”),under Section 11A of Prevention of Money-laundering (PML) Act about undertaking Aadhaar authentication services put in place by UIDAI, are advised to approach UIDAI for the license use e-KYC authentication services.
- The insurers, who are yet to be notified by DoR are advised to file an application with IRDAI to enable their recommendation to the DoR.
- Insurers shall provide integration/access to their e-KYC platform to the insurance intermediaries/agents to ensure seamless KYC at the point of sale.
Source category: IRDAI
Attachments
- /2023/262_Implementation_of_Aadhaar_based_eKYC.PDF
Comments are closed