1. As per IRDAI Circular, to prevent money laundering, insurers are required to follow Customer Identification Procedures while undertaking a transaction at the time of establishing an account-based relationship/client-based relationship and monitor their transactions on an ongoing basis.

  1. As per guidelines, KYC and AML checks will be mandatory at the policy issuance and claims processing stage. 

  1. The guidelines will come into force from January 1st 2023.