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of <h1>RBI Updates KYC Rules: New Wire Transfer Requirements for Originator and Beneficiary Details, Effective Immediately.</h1> The Reserve Bank of India (RBI) has amended the Master Direction on Know Your Customer (KYC) to update wire transfer instructions, aligning them with FATF recommendations. The amendment mandates that all cross-border wire transfers must include accurate and complete information about the originator and beneficiary. For domestic transfers, similar requirements apply, especially for transactions above fifty thousand rupees. Regulated Entities (REs) must ensure compliance, retain records, and report suspicious transactions. The amendment also outlines responsibilities for ordering, intermediary, and beneficiary REs, and emphasizes obligations when engaging with unregulated entities in wire transfers. These provisions are effective immediately.
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