9911796707
TMI BlogAmendment to the Master Direction (MD) on KYC – Instructions on Wire TransferX X X X Extracts X X X X X X X X Extracts X X X X ..... 64 of the MD), also aligning the same with the relevant FATF Recommendation. The amended instructions of Section 64 of the MD on KYC are provided in the annexure for reference. Further, 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the originator is not an account holder of the ordering RE , shall also be accompanied by originator and beneficiary information as indicated for cross-border wire transfers. v. REs shall ensure that all the information on the wire transfers shall be immediately made available 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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ousand to avoid reporting or monitoring. In case of non-cooperation from the customer, efforts shall be made to establish identity and if the same transaction is found to be suspicious, STR may be filed with FIU-IND in accordance with the PML Rules. c. Ordering RE shall not execute the wire transfer if it is not able to comply 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 re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p action follow-up action including seeking further information and if the transaction is found to be suspicious, reporting to FIU-IND in accordance with the PML Rules. iv. Money Transfer Service Scheme (MTSS) providers are required to comply with all of the relevant requirements of this Section, whether they are providing services directly or through their agents. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions of designated persons and entities) REs are prohibited from conducting transactions with designated persons and entities and accordingly, in addition to compliance with Chapter IX of the Master Direction, REs shall ensure that they do not process cross-border transactions of designated persons and entities. iii. REs responsibility to fulfil record management requirements Complete originator and beneficiary information relating to wire transfers shall be preserved by the REs involved in the wire transfer, in accordance with Section 46 of the Master Direction. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementind ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
