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Date: 22-Aug-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sub section (1) of section 11A of the Prevention of Money laundering Act, 2002

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • This gazette notification from the Ministry of Finance (Department of Revenue), Government of India, dated August 22, 2024, permits two life insurance companies to perform Aadhaar authentication for the purposes of the Prevention of Money-laundering Act, 2002 (PMLA).

Key Changes

  • Go-Digit Life Insurance Limited and Acko Life Insurance Limited are now authorized to use Aadhaar authentication under the Aadhaar Act, 2016, to comply with Section 11A of the PMLA.
  • This authorization is granted after the Central Government determined that these entities meet the privacy and security standards of the Aadhaar Act and after consultation with the Unique Identification Authority of India (UIDAI) and the Insurance Regulatory and Development Authority of India (IRDAI).
  • The number of entities authorized under this notification is two.

Impact Analysis

Impact on Go-Digit Life Insurance Limited and Acko Life Insurance Limited

  • This may lead to improved efficiency and reduced compliance costs.

Impact on Customers

  • However, there may be concerns regarding data privacy and security, although the notification states that the companies comply with Aadhaar Act standards.

Impact on the Government

  • Potential for better detection and prevention of money laundering activities.

Suggested Action Items

  • Public awareness campaigns regarding data privacy and security related to Aadhaar authentication should be conducted.

Key Entities Referenced

Prevention of Money-laundering Act, 2002 (PMLA): The primary legislation aimed at preventing money laundering in India. Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016: The Act governing the Aadhaar biometric identification system. Unique Identification Authority of India (UIDAI): The body responsible for managing and implementing the Aadhaar system. Insurance Regulatory and Development Authority of India (IRDAI): The regulatory body for the insurance sector in India. Go-Digit Life Insurance Limited: A life insurance company now permitted to use Aadhaar authentication under PMLA. Acko Life Insurance Limited: A life insurance company now permitted to use Aadhaar authentication under PMLA. Ministry of Finance (Department of Revenue): The issuing authority of the gazette notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-22082024-256571 CG-DxLx-xEG-I2D2H0x8x2x0 24-256571 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 3270] नई दिल्ली, बृहस्ट्प जतिार, अगस्ट्त 22, 2024/श्रािण 31, 1946 No. 3270] NEW DELHI, THURSDAY, AUGUST 22, 2024/SHRAVANA 31, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) अजधसचू ना नई दिल्ली, 22 अगस्ट् त, 2024 का.आ. 3586(अ).—केंद्रीय सरकार, धन-िोधन जनिारण अजधजनयम, 2002 (2003 का 15) (जिसे इसम ें इसके पश् चात ् धन-िोधन अजधजनयम कहा गया ह)ै की धारा 11क की उपधारा (1) द्वारा प्रित् त िज‍त यों का प्रयोग करते हुए, यह समाधान हो िान े पर दक नीचे सारणी म ें उजल् लजखत ररपोर्टकताट इकाईयों न े आधार (जित् तीय और अन् य सहिाजयदकयों, प्रसुजिधाओं और सेिाओं का लज‍य त पररिान) अजधजनयम, 2016 (2016 का 18) (जिसे इसम ें इसके पश् चात् आधार अजधजनयम कहा गया ह)ै के अधीन गोपनीयता और सुरक्षा के मानकों का पालन दकया ह ै और ऐसा करना आिश् यक तथा समीचीन ह ै तथा आधार अजधजनयम की धारा 11 की उपधारा (1) के अधीन स्ट्थ ाजपत जिजिष्र् पहचान प्राजधकरण तथा समुजचत जिजनयामक, अथाटत् भारतीय बीमा जिजनयामक और जिकास प्राजधकरण स े परामिट करने के पश् चात,् उक्त ररपोर्र्िंग इकाइयों को धन-िोधन जनिारण अजधजनयम की धारा 11क के प्रयोिनों के जलए आधार अजधजनजयम के अधीन अजधप्रमाणन काय ट करने के जलए अनज्ञु ात करती ह,ै अथाटत ् :-- 5373 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] सारणी क्रम सखं य ाकं इकाई का नाम (1) (2) 1. गो-जडजिर् लाईफ इंश्योरेंस जलजमर्ेड 2. एको लाईफ इंश्योरेंस जलजमर्ेड [फा. सं. पी-12011/4/2019-ईएस सेल-डीओआर(भाग 2)] ररमजिम पांडेय, अिर सजचि MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 22nd August, 2024 S.O. 3586(E).—In exercise of the powers conferred by sub-section (1) of section 11A of the Prevention of Money-laundering Act, 2002 (15 of 2003) (hereinafter referred to as the Money-laundering Act), the Central Government, on being satisfied that the reporting entities mentioned in the Table below comply with the standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016) (hereinafter referred to as the Aadhaar Act) and that it is necessary and expedient to do so, after consultation with the Unique Identification Authority of India established under sub-section (1) of section 11 of the Aadhaar Act and the appropriate regulator, namely, the Insurance Regulatory and Development Authority of India, hereby permits the said reporting entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act, namely:- TABLE Sl. No. Name of Entity 1 Go-Digit Life Insurance Limited. 2 Acko Life Insurance Limited. [F. No. P-12011/4/2019-ES Cell-DOR (Part-2)] RIMJHIM PANDEY, Under Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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