Q. Which category of customers poses an inherently higher than average risk to insurance companies?

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Q. Why does diligence in identification need to be of high order in the case of high-risk customers?

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Q. Which types of insurance products are considered vulnerable in terms of risk?

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Q. What calls for detailed due diligence according to KYC norms in insurance?

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Q. When is it necessary to establish insurable interest according to KYC norms?

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Q. How should payments be made according to KYC norms in insurance?

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Q. What should attract more attention and detailed checks from an Anti-Money Laundering (AML) perspective in insurance?

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Q. What should insurers be cautious about regarding payments on insurance contracts according to KYC norms?

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Q. How does the insurance business compare to other participants in the financial sector in terms of vulnerability to money laundering?

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Q. What are some enabling features of insurance contracts that can be misused for money laundering purposes?

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Q. What responsibility do insurance companies have regarding anti-money laundering (AML) programs according to IRDA guidelines?

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Q. What is the role of the senior level officer appointed by insurance companies in implementing AML programs?

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Q. Why are restrictions placed on acceptance of cash beyond Rs. 50,000 in premium or proposal deposit remittances in the insurance sector?

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Q. What is the purpose of setting up Financial Intelligence Units (FIUs) in various jurisdictions?

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Q. What is the obligation of financial institutions regarding reporting to the Financial Intelligence Unit in India (FIU-IND)?

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Q. How long are records of transactions reported to the FIU required to be retained by insurance companies?

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Q. What are the record-keeping requirements for customer identification data according to AML guidelines?

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Q. Why is it important for insurance companies to have adequate screening procedures when hiring employees and agents?

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Q. What is the role of employees and agents in effective compliance with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) programs?

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Q. Why is it important for employees and agents to be properly trained on AML/CFT?

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