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 provisions shall come into force with immediate effect.
Link: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12498&Mode=0
About the Author
