Important Points for IC 26 - Life Insurance Finance Exam
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Implementation of KYC should not mean denial of insurance services to the public.
AML / CFT guidelines place the responsibility of a robust programme on the insurance companies for guarding against insurance products being used to launder unlawfully derived funds or to finance terrorist acts.
Records of transactions reported to FIU will have to be retained for 10 years beginning from the date of occurrence of transaction.
Records of training imparted to staff in the various categories detailed above should be maintained.
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