Amendment to the Master Direction (MD) on KYC – Instructions on Wire Transfer - RBI - RBI/2023-24/25

..... er, definitions of the relevant terms used in the amended Wire Transfer instructions are being added in Section 2 (“Definitions”) of the MD on KYC. 3. The amended provisions shall come into force with immediate effect. Yours faithfully, (Santosh Kumar Panigrahy) Chief General Manager Enclosure: As above Annexure Section 64 - Wire Transfer A. Information requirements for wire transfers for the purpose of this Master Direction: i. All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information as mentioned below: a. name of the originator; b. the originator account number where such an account is used to process the transaction; c. the originator’s address, or .....

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Amendment to the Master Direction (MD) on KYC – Instructions on Wire Transfer - RBI

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..... lable to appropriate law enforcement and/or prosecutorial authorities as well as FIU-IND on receiving such requests with appropriate legal provisions. vi. The wire transfer instructions are not intended to cover the following types of payments: a) Any transfer that flows from a transaction carried out using a credit card / debit card / Prepaid Payment Instrument (PPI), including through a token or any other similar reference string associated with the card / PPI, for the purchase of goods or services, so long as the credit or debit card number or PPI id or reference number accompanies all transfers flowing from the transaction. However, when a credit or debit card or PPI is used as a payment system to effect a person-to-person wire transfer .....

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Amendment to the Master Direction (MD) on KYC – Instructions on Wire Transfer - RBI

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..... omply with the requirements stipulated in this section. ii. Intermediary RE: a. RE processing an intermediary element of a chain of wire transfers shall ensure that all originator and beneficiary information accompanying a wire transfer is retained with the transfer. b. Where technical limitations prevent the required originator or beneficiary information accompanying a cross-border wire transfer from remaining with a related domestic wire transfer, the intermediary RE shall keep a record, for at least five years, of all the information received from the ordering financial institution or another intermediary RE. c. Intermediary RE shall take reasonable measures to identify cross-border wire transfers that lack required originator informatio .....

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Amendment to the Master Direction (MD) on KYC – Instructions on Wire Transfer - RBI

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..... nts. In the case of a MTSS provider that controls both the ordering and the beneficiary side of a wire transfer, the MTSS provider: a. shall take into account all the information from both the ordering and beneficiary sides in order to determine whether an STR has to be filed; and b. shall file an STR with FIU, in accordance with the PML Rules, if a transaction is found to be suspicious. C. Other Obligations i. Obligations in respect of REs’ engagement or involvement with unregulated entities in the process of wire transfer REs shall be cognizant of their obligations under these instructions and ensure strict compliance, in respect of engagement or involvement of any unregulated entities in the process of wire transfer. More specifica .....

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Amendment to the Master Direction (MD) on KYC – Instructions on Wire Transfer - RBI

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