Direct to Account facility allows electronic credit of foreign inward remittances to beneficiary accounts subject to KYC and AML requirements. Foreign inward remittances under the Money Transfer Service Scheme may be electronically credited directly to beneficiaries' bank accounts under the Direct to Account facility, provided recipient accounts are KYC compliant or KYC/CDD is completed before credit; partner banks must mark and include accurate originator and beneficiary information in transfer messages and flag remittances as foreign inward receipts, while recipient banks must maintain identification records, may seek further information, and must report suspicious transactions to FIU IND.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Direct to Account facility allows electronic credit of foreign inward remittances to beneficiary accounts subject to KYC and AML requirements.
Foreign inward remittances under the Money Transfer Service Scheme may be electronically credited directly to beneficiaries' bank accounts under the Direct to Account facility, provided recipient accounts are KYC compliant or KYC/CDD is completed before credit; partner banks must mark and include accurate originator and beneficiary information in transfer messages and flag remittances as foreign inward receipts, while recipient banks must maintain identification records, may seek further information, and must report suspicious transactions to FIU IND.
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