TestCloud
Prep • Practice • Perform
Log In

FIU-IND has signed a MoU with IRDAI to strengthen cooperation in the fight against money laundering.

MOUs and Agreement | Dated: 08 Jan 2025

On January 6, 2025, the Financial Intelligence Unit-India (FIU-IND) signed a Memorandum of Understanding (MoU) with the Insurance Regulatory and Development Authority of India (IRDAI) to strengthen cooperation between the two organizations in key areas related to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) within the insurance sector.

🎯 Key Highlights:

  • - This MoU is part of a broader plan to effectively implement the Prevention of Money Laundering Act, 2002 (PMLA) and its associated rules.
  • - The IRDAI is a statutory body established by the IRDA Act, 1999, to oversee and promote the development of the insurance sector in India.
  • - The MoU aims to facilitate the exchange of relevant information and intelligence to ensure prompt action on suspicious activities.

💡 Other Important Facts:

  • (i) The MoU was signed by Vivek Aggarwal, Director of FIU-IND, and Satyajit Tripathy, Member (Distribution) of IRDAI, in New Delhi.
  • (ii) The MoU establishes guidelines for insurance companies to report suspicious transactions under the Prevention of Money Laundering Act (PMLA) and includes training programs by FIU-IND and IRDAI to enhance risk identification skills in the insurance sector.
  • (iii) Regular evaluations will address vulnerabilities in the insurance sector, enhance AML/CFT compliance, and include appointing nodal officers from FIU-IND and IRDAI for implementation oversight.

📚 Test Your Knowledge:

Which organization recently signed an MoU with IRDAI to strengthen cooperation in the fight against money laundering?

Correct Answer: FIU-IND

🚀 Quick Recap:

About Financial Intelligence Unit (FIU-IND)

  • Director: Vivek Aggarwal
  • Headquarters : New Delhi