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Corporate Laws Central Ministry of Finance Prevention of Money-laundering Act, 2002

Amendment to the Master Direction (MD) on KYC

04-Jan-2024 | RBI/2023-2024/107 DOR.AML.REC.66/14.01.001/2023-24

RBI has issued Amendment to the Master Direction (MD) on KYC. By virtue of this notification it has been decided to include the definition of PEPs as an explanation to Section 41 of the Master Direction as under: Explanation: For the purpose of this Section, Politically Exposed Persons(PEPs) are individuals who are or have been entrusted with prominent public functions by a foreign country, including the Heads of States/Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials. Consequently, the sub-clause (xvii) of clause (a) of Section 3 of the above quoted Master Direction has been removed.

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