diff --git a/config/controller/kustomization.yaml b/config/controller/kustomization.yaml
index 8fc4fd6..c22dd5e 100644
--- a/config/controller/kustomization.yaml
+++ b/config/controller/kustomization.yaml
@@ -6,4 +6,4 @@ kind: Kustomization
 images:
 - name: controller
   newName: public.ecr.aws/aws-controllers-k8s/iam-controller
-  newTag: 1.3.0
+  newTag: 1.3.1
diff --git a/helm/Chart.yaml b/helm/Chart.yaml
index dccb3ce..c7d9b19 100644
--- a/helm/Chart.yaml
+++ b/helm/Chart.yaml
@@ -1,8 +1,8 @@
 apiVersion: v1
 name: iam-chart
 description: A Helm chart for the ACK service controller for AWS Identity & Access Management (IAM)
-version: 1.3.0
-appVersion: 1.3.0
+version: 1.3.1
+appVersion: 1.3.1
 home: https://github.com/aws-controllers-k8s/iam-controller
 icon: https://raw.githubusercontent.com/aws/eks-charts/master/docs/logo/aws.png
 sources:
diff --git a/helm/templates/NOTES.txt b/helm/templates/NOTES.txt
index 2d4e8a5..83b7c4f 100644
--- a/helm/templates/NOTES.txt
+++ b/helm/templates/NOTES.txt
@@ -1,5 +1,5 @@
 {{ .Chart.Name }} has been installed.
-This chart deploys "public.ecr.aws/aws-controllers-k8s/iam-controller:1.3.0".
+This chart deploys "public.ecr.aws/aws-controllers-k8s/iam-controller:1.3.1".
 
 Check its status by running:
   kubectl --namespace {{ .Release.Namespace }} get pods -l "app.kubernetes.io/instance={{ .Release.Name }}"
diff --git a/helm/values.yaml b/helm/values.yaml
index 68c86b3..f827830 100644
--- a/helm/values.yaml
+++ b/helm/values.yaml
@@ -4,7 +4,7 @@
 
 image:
   repository: public.ecr.aws/aws-controllers-k8s/iam-controller
-  tag: 1.3.0
+  tag: 1.3.1
   pullPolicy: IfNotPresent
   pullSecrets: []