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    Question

    In the context of wire transfers, who is defined as the

    “Beneficiary” according to RBI’s KYC guidelines?
    A The intermediary bank processing the transfer Correct Answer Incorrect Answer
    B The person initiating the transfer Correct Answer Incorrect Answer
    C The bank that initiates the transfer Correct Answer Incorrect Answer
    D The natural or legal person identified as the receiver of funds Correct Answer Incorrect Answer
    E The RBI-regulated bank overseeing the transaction Correct Answer Incorrect Answer

    Solution

    The “Beneficiary” in a wire transfer is the person or entity designated to receive the funds from the transaction. This individual or entity is typically specified by the originator, ensuring the correct party receives the amount transferred.

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