Politically Exposed Persons and regulations in India

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Politically Exposed Persons is a very key concept in tackling the Money Laundering. It is one of the most significant aspects in the extended due diligence.

In 2015, the Insurance Regulatory and Development Authority of India (Irdai) also directed all insurers to ensure appropriate risk management procedures for identifying and applying advanced due diligence measures to PEPs. It is emphasized that proposals of (PEPs) in particular requires approval of senior management, not below the level of Head (underwriting) or chief risk officer.