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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 de signated t o 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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