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IRDAI vide ref no. IRDAI/IID/CIR/MISC/71/3/2023 dated March 20, 2023 has issued a Circular on Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2023 (“Circular”).
Background:
The Circular has been issued considering the amendments made to Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 (‘PML Rules’) vide Gazette Notification dated March 7, 2023 . The key highlights of the amended rules have been circulated vide email dated March 10, 2023 ( refer hereunder email ).
Major highlights of the Circular are as follows:
- The AML/CFT Master Guidelines, 2022 (‘Master Guidelines’) dated August 1, 2022 has been amended and Clause 3.14 of the said Master Guidelines is substituted as mentioned below:
“3.14 “Politically Exposed Persons (PEPs)” shall have the meaning assigned to it under sub clause (db) of clause (1) of Rule 2 of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.”
- Insurers have been directed to implement the amended Rules.
Source category: IRDAI
Attachments
- /2023/163_2023-03-20-PML_(Maintenance_of_Records)_Amendment_Rules_2023.pdf
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