IRDA probing money laundering allegations against insurers
Quotes

IRDA probing money laundering allegations against insurers

Last Updated: Monday, May 6, 2013, 20:32
 
 Comment 0
 
IRDA probing money laundering allegations against insurers
New Delhi: Insurance regulator IRDA Monday said it is examining the allegations of money laundering levelled against LIC, Reliance Life, Tata AIA and Birla Sunlife and action will be taken against the guilty at the earliest.

"The insurance companies concerned have been asked to file a report on the allegations. The matter is under examination and appropriate action will be taken at the earliest," Insurance Regulatory and Development Authority (IRDA) said in a release.

In its expose earlier in the day, Cobrapost has named as many as 23 public and private sector banks and insurance companies for allegedly "running a nation-wide money laundering racket, blatantly violating laws of the land."

The four insurance companies which figure in the list are alleged to have violated the ‘Know Your Customer’ and ‘Anti Money Laundering’ Guidelines.

Responding to Cobrapost allegations, LIC said that it has effective system for compliance of all statutory and regulatory norms, but added that "in case of violation is noticed at any level necessary action will be taken by the Corporation".

Reliance Life too denied the allegations saying that it adheres to strict internal controls, processes and best practices and is in full compliance with KYC norms and regulatory framework.

It further said: "As part of its ongoing compliance efforts, Reliance Life will continue to examine any specific instances that come to light for appropriate remedial action, if any."

Taking a serious note of the expose, Tata AIA said: "We have initiated an internal inquiry into this incident and will take appropriate necessary action... Lapses in judgement and deviations from the rules are dealt with strictly."

No response could be obtained from Birla Sunlife.

PTI



First Published: Monday, May 6, 2013, 20:32


Comments


comments powered by Disqus
G20 Summit 2014
G20 Summit 2014
2014`s Top People in Business: Fortune
2014`s Top People in Business: Fortune
World Bank`s Top 10 Places for Business
World Bank`s Top 10 Places for Business
India`s top ten billionaires
India`s top ten billionaires
Top 10 billionaire cities- In Pics
Top 10 billionaire cities- In Pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved