Proof of identity

Following the finding of the Bank for International Settlements at Basel that there occur large scale fund movement from country to country through banking and insurance channels and these funds go for destabilizing governments and economies member countries have enacted anti money laundering laws. The peculiarity of these funds is that the source of funds remains unknown. However it is assumed that these funds come from criminal activities. India has passed the Prevention of Money Laundering Act. Under this legislation various Anti Money Laundering (AML) guidelines have been issued by the government and regulatory bodies. For more details you may please visit the sites of Bank for International Settlements and Insurance Regulatory and Development Authority (India).

                                                           

The essence of AML guidelines have been put through the KYC (Know Your Customer) norms. In insurance industry, the IRDA    and the in the baking sector, the Reserve Bank of India have issued the necessary guidelines.

Every proposer shall submit proof of his identity along with each proposal. Examples include identity cards with photographs issued by government or public sector organizations and statutory bodies, Passport, Election Identity Card issued by the Election Commission of India, Driving License with photograph, Aadhar Card issued by the Unique Identification Authority of India, etc