<h1>RBI Issues New Guidelines for Rural and Co-operative Banks on Identifying Beneficial Owners under PMLA Act, 2002.</h1> The Reserve Bank of India issued guidelines to Regional Rural Banks and Co-operative Banks on identifying and verifying beneficial owners under the Prevention of Money Laundering Act, 2002. Banks must identify the beneficial owner, defined as the natural person who ultimately controls a client. For non-individual clients, ownership or control exceeding specified thresholds must be verified. In cases of doubt, control through voting rights or agreements should be identified. Trusts require identification of key individuals with significant interests. Publicly listed companies are exempt from these requirements. Banks are advised to update their Know Your Customer policies accordingly.