The Reserve Bank of India (RBI) on May 04, 2023, issued a Notification regarding the amendment to the Master Direction on KYC – Instructions on Wire Transfer
The amended provisions shall come into force with immediate effect.
The following has been stated namely: -
• This has a reference to the Master Direction (MD) on KYC dated February 25, 2016, as amended from time to time, in terms of which Regulated Entities (REs), inter alia, have to undertake certain measures while dealing with the Wire Transfer.
• it has been decided to amend the MD on KYC to update the instructions on Wire Transfer (Section 64 of the MD), also aligning the same with the relevant FATF Recommendation. The amended instructions of Section 64 of the MD on KYC are provided in the annexure for reference. Further, definitions of the relevant terms used in the amended Wire Transfer instructions are being added in Section 2 (“Definitions”) of the MD on KYC
• The amended Master Direction on KYC has been attached for reference
[Notification No. RBI/2023-24/25 DOR.AML.REC.13/14.01.001/2023-24]
