Please refer to the Master Direction (MD) on KYC dated February 25, 2016, with amendments made periodically. According to this directive, Regulated Entities (REs) are required to carry out Customer Due Diligence (CDD) for their customers following the outlined process.
In the existing directive, the definition of Politically Exposed Persons (PEPs) is outlined in sub-clause (xvii) of clause (a) of Section 3 of the MD on KYC. To enhance clarity, it has been decided to incorporate the definition of PEPs as an explanation to Section 41 of the Master Direction, as follows:
“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, sub-clause (xvii) of clause (a) of Section 3 in the aforementioned Master Direction has been eliminated. The relevant Sections of the MD on KYC have been amended to incorporate the mentioned changes.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}