Page 50 - Insurance Times January 2018 Sample

Circular

IRDAI Circular

The Prevention of Money-laundering September 2010, it is being undertaken in 25
jurisdictions (now 29), with systemically important
(Maintenance of Records) Seventh financial sectors, including India, every five years. Last
Amendment Rules, 2017 FSAP for India was conducted in 2011-12 and the report
published by IMF on Jan 15, 2013.
Ref. No: IRDAI/SDD/CIR/MISC/267/12/2017
2. Second comprehensive FSAP has been successfully
Date: 18-12-2017 conducted for India in 2017. The FSAP scoping mission
of the joint IMF-WB team visited India in December
This is further to our Circular ref: IRDAI/SDD/MISC/CIR/248/ 2016 to outline the areas of financial sector to be
11/2017 dated 8th November, 2017 with regard to the covered in the exercise, followed by two more mission
Prevention of Money-laundering (Maintenance of Records) visits – in March and June-July 2017. The team met
(Second Amendment) Rules, 2017. officials of various related Ministries/ Departments/
The Central Government has notified the PML Agencies and all financial sector regulators i.e. RBI,
(Maintenance of Record) (Seventh Amendment) Rules, 2017 SEBI, IRDAI and PFRDA and public and private sector
on 12.12.2017 and has issued Gazette Notification on participants. IMF and WB have released the Financial
13.12.2017. Accordingly, the date of submission of the System Stability Assessment (FSSA) and Financial Sector
Aadhaar Number and Permanent Account Number or Form Assessment (FSA) respectively in their websites on 21st
60 by the clients to the reporting entity is 31st March, 2018 Dec 2017.
or six months from the date of commencement of account 3. India welcomes assessment of the Indian financial
based relationship. system undertaken by the joint IMF-World Bank team
This is for your information and necessary action. conforming to the highest international standards.
4. The FSAP assessment acknowledges that India has
Member (Life) recorded strong growth in recent years in both
economic activity and financial assets with size of the
India: Financial Sector Assessment financial system remaining broadly stable in terms of

Program 2017 GDP at about 136 per cent. Increased diversification,
commercial orientation, and technology-driven inclusion
Ref. No:File No. 18/24/2015-FSDC(Pt)-Volume(5) have supported growth in the financial industry, backed
up with improved legal, regulatory, and supervisory
Date:22-12-2017
frameworks. The FSAP report acknowledges many
efforts by Indian authorities like tackling Non-
1. The Financial Sector Assessment Program (FSAP), a joint
program of the International Monetary Fund (IMF) and Performing Assets (NPAs), recent recapitalization
measures for banks and introduction of special
the World Bank (WB involved in developing countries
resolution regime, formalization of National Pension
and region only), undertakes a comprehensive and in-
System (NPS) and making the pension sector regulator
depth analysis of a country’s financial sector. Since
50 The Insurance Times, January 2018

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