Page 9 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
P. 9
Money laundering is the process of bringing illegal money from
illegitimate sources into the financial system by hiding its illegal
origin so that it appears to be legal and legitimate.
The three stages of money laundering include: placement,
layering and integration.
As part of the KYC process, an insurer has to collect from the
insured: a photograph, a photo id proof and address proof.
Lok Adalat: that was brought in force to constitute legal services
authorities for providing competent legal services to the weaker
sections of society to ensure that opportunities for securing justice
were not denied to any citizen by reason of economic or other
disabilities and to organise local Adalats to ensure that the
operation of legal system promoted justice on basis of equal
opportunity. A system of local Adalats is mainly based on
compromise or settlement between parties.