FATF’s proposals were implemented

The Reserve Bank has given this instruction regarding wire transfer. The RBI has asked banks and other financial institutions to keep complete details of both the sender and the receiver of the money in all cases of wire transfers, whether domestic or cross-border transactions. Regarding this, the Reserve Bank has updated the instructions in the Master Direction on Know Your Customer and implemented the relevant proposals of FATF.

This work will have to be done in domestic transactions

According to a media report , the Reserve Bank has said in the updated instruction of the master direction, in the case of all cross-border wire transfers, complete and correct information of both the originator i.e. the sender of the money and the beneficiary i.e. the recipient of the money should be kept. On the other hand, if the wire transfer is domestic and the money sender is the account holder of the concerned institution, then in such a case also all the information of the money sender as well as the recipient should be taken.

In the updated instructions, RBI said that in case of domestic wire transfer of Rs 50,000 or more, and the sender is not an account holder of the concerned institution or bank, then in such a case the information of both the sender and the receiver should be submitted in the same manner. should be done, as is done in cases of cross border wire transfers.

Information to be given when needed

The Reserve Bank said that in all cases of wire transfers, it is the responsibility of the bank or financial institution from where the money is being sent to submit KYC information. These banks and other financial institutions will have to provide information about the originator and beneficiary of the wire transfer to the investigating authorities, if required.

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