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      Question

      The RBI’s Master Direction on KYC was amended in

      January 2024. Which of the following is a key change in defining Politically Exposed Persons (PEPs)?
      A Insertion of a specific explanation for PEPs Correct Answer Incorrect Answer
      B Removal of the term 'PEP' from the Master Direction Correct Answer Incorrect Answer
      C Requirement for enhanced due diligence for all PEPs Correct Answer Incorrect Answer
      D PEPs are excluded from KYC requirements Correct Answer Incorrect Answer
      E Exemption of judicial officers from being considered PEPs Correct Answer Incorrect Answer

      Solution

      The amendment in the "Master Direction – KYC" included a detailed explanation for the definition of Politically Exposed Persons (PEPs) in Section 41 for better clarity.

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