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Anti Money Laundering (AML) guidelines

Document Cited in Related

Sl. No.
FATF Recommendation/Criteria Reference
Extant Stipulation (Clause Ref: Master Circular on AML dated November 24, 2009)
Addition/Elaboration
a 5.1 Financial institutions should not be permitted to keep anonymous accounts or accounts in fictitious names. Clause 3.1.1 (Know Your Customer (KYC): Life insurance companies are required to carry out KYC norms which includes determination and documentation of the true identity of all customers requesting for its services While carrying out the KYC norms, special care has to be exercised to ensure that the contracts are not anonymous or under fictitious names.
b 5.7 Financial institutions should be required to conduct ongoing due diligence on the business relationship. Clause 3.1.1(vii): Besides verification of identity of the customer at the time of initial issuance of contract which includes obtaining a recent photograph, KYC should also be carried out at the claim payout stage and at times when additional top up remittances are inconsistent with the customers' known profile. KYC process is initially to be done as per the extant guidelines. Any change in the customers' recorded profile that comes to the notice of the insurer and which is inconsistent with the normal and expected activity of the customer should attract the
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