Photo of Sarthak Makkar

Associate in the Financial Sector Regulatory Practice at the Delhi NCR office of Cyril Amarchand Mangaldas. Sarthak graduated from the Gujarat National Law University, Gandhinagar in 2022. He can be reached at sarthak.makkar@cyrilshroff.com

RBI FURTHER PIERCES THE WIRE TRANSER VEIL KYC Guidelines

In its constant endeavour to combat money laundering, terrorist financing, and financing of other illegal activities, the Reserve Bank of India (“RBI”) has, vide a letter dated May 4, 2023, amended the Master Directions on Know Your Customer, 2016 and instructed all banks, financial institutions and other Regulated Entities (“REs”) to comply with the newly added KYC norms for wire transfers (“RBI Instructions”). It is a known fact that money launderers across the world have been using wire transfers for long now, as a means to facilitate illegal acts, owing to less/ no regulatory scrutiny.Continue Reading RBI Further Pierces The Wire Transfer Veil