FIU-IND and IRDAI sign MoU on anti-money laundering coordination in insurance
The two bodies will share intelligence and identify red-flag indicators for suspicious transactions in insurance.
Summary
The Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (IRDAI) signed a Memorandum of Understanding in New Delhi on 6 January 2025 to coordinate implementation of the Prevention of Money Laundering Act and Rules. The FIU-IND–IRDAI MoU was signed by FIU-IND Director Vivek Aggarwal and IRDAI Member (Distribution) Satyajit Tripathy. Under the MoU, the two bodies will appoint nodal officers, share intelligence, assess AML/CFT risks in the insurance sector, identify red-flag indicators for Suspicious Transaction Reports, and hold quarterly meetings.
Key facts
- Date and place
- 6 January 2025, New Delhi
- Parties
- FIU-IND and IRDAI
- Signatories
- Vivek Aggarwal (Director, FIU-IND) and Satyajit Tripathy (Member – Distribution, IRDAI)
- Law
- Prevention of Money Laundering Act and Rules
- Areas
- Nodal officers, intelligence sharing, AML/CFT risk assessment, STR red flags, training
- Review
- Quarterly meetings
Practice MCQs 3 questions
Under which law did FIU-IND and IRDAI sign an MoU on 6 January 2025 for coordinated implementation of requirements?
Show answer
Correct answer: A — Prevention of Money Laundering Act
PIB (Finance): the MoU is part of coordinated efforts in effective implementation of the Prevention of Money Laundering Act and Rules.
How often will FIU-IND and IRDAI meet under their MoU signed on 6 January 2025?
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Correct answer: B — Quarterly
PIB (Finance): the MoU provides for quarterly meetings to discuss cooperation, AML/CFT typologies and trends.
Who signed the FIU-IND–IRDAI MoU on behalf of FIU-IND on 6 January 2025?
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Correct answer: C — Vivek Aggarwal
PIB (Finance): the MoU was signed by Vivek Aggarwal, Director, FIU-IND, and Satyajit Tripathy, Member (Distribution), IRDAI.