The Reserve Bank of India (RBI) on January 04, 2024, issued a notification to amend the Master Direction - Know Your Customer (KYC) Direction, 2016.
The following amendments have been stated:
• In Definitions, the clause xvii has been deleted.
• Para 41 which states Accounts of Politically Exposed Persons (PEPs), after clause B, the following explanation has been inserted:
Explanation: For the purpose of this Section, “Politically Exposed Persons” (PEPs) are individuals who are or have been entrusted with prominent public functions by a foreign country, including the Heads of States/Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials.
[Notification No. RBI/DBR/2015-16/18 Master Direction DBR.AML.BC.No.81/14.01.001/2015-16]
