As per RBI’s KYC/AML guidelines on wire transfers, the term “Beneficiary” refers to:

• 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.