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      Question

      As per RBI’s KYC/AML guidelines on wire transfers, the

      term “Beneficiary” refers to:
      A The bank that initiates the transfer on behalf of the sender Correct Answer Incorrect Answer
      B The intermediary institution that routes the transaction Correct Answer Incorrect Answer
      C The person or entity sending the funds (originator) Correct Answer Incorrect Answer
      D The natural or legal person designated to receive the funds Correct Answer Incorrect Answer
      E The regulator overseeing the transfer process Correct Answer Incorrect Answer

      Solution

      • In a wire transfer, three parties are usually involved: o Originator – the person/entity initiating the transfer. o Intermediary bank(s) – institutions that process and route the transfer. o Beneficiary – the final recipient of the funds. • According to RBI’s KYC/AML guidelines, the Beneficiary is specifically the natural or legal person identified to receive the amount transferred, as instructed by the originator. • Proper identification of both the originator and the beneficiary is critical to prevent misuse of wire transfers for money laundering or terrorist financing.

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