The RBI has asked all banks, and financial institutions to ensure all wire transfers contain complete information about the originator and beneficiary to prevent them from being used as a channel for money laundering, or terrorist financing platforms.
The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF).

“All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information…,” as per the updated beneficiary information…,” as per the updated instructions in the Master Direction.