IRDA RELAXES MONEY-LAUNDERING REQUIREMENTS

India’s Insurance & Regulatory Development Authority has made certain relaxations to the anti money-laundering guidelines included in its “know your customer” regulations. IRDA said that it would change the cut-off date to policies issued from January this year, rather than from April 2004. The regulations would also not apply to policies with premiums of less than Rp100,000 a year. IRDA also said that if an identity document also gave proof of residence, than no further documentation was necessary. Other requirements, as listed in an IRDA circular on March 31, remain unchanged.