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.
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