As per the provisions of the prevention of Money Laundering Act, 2002, and the Prevention of Money Laundering Rules, 2005, insurers are required to follow customer identification procedures while undertaking a transaction at the time of establishing an account-based relationship and monitor their transactions on an ongoing basis. In addition, insurers would also have to take steps to implement provisions of the PML Act and the PML rules, as amended from time to time, including operational instructions issued in pursuance of such amendments.