IRDAI Circular dated 9.10.2023 – Prevention of financing to WMD – duty of stake holders to prevent financing and verification on periodic basis

All the financial institutions shall run a check on the given parameters at the time of establishing a relation with a customer and on a periodic basis to verify whether individuals and entities in the designated list are holding any funds, financial assets or economic resources or related services held in bank accounts, stocks or insurance policies, etc.

By the Order dated 30.1.2023, the procedure for implementation of Section 12A of the “Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005.   Consequently, the IRDAI issued the Circular dated 19.4.2023 for implementation of the said Order.

By the Order dated 1.9.2023, the procedure for implementation of Section 12A of the “Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005, the earlier Order dated 30.1.2023 is superseded.