What changed
RBI forwarded three new UN Sanctions Committee notes (dated May 28, June 19, and June 29, 2009) containing changes to the consolidated list of Taliban/Al-Qaida-linked individuals and entities. Banks must update their records accordingly and ensure rigorous screening of all accounts and transactions.
What it means for you
Banks must immediately update their internal watchlists with the revised UN consolidated list and screen all new account applications and existing account transactions for matches. Any accounts or transactions resembling listed entities must be reported to RBI and FIU-India. Compliance officers must acknowledge receipt of this circular.
What you must do
- Update your internal consolidated list of terrorist individuals/entities with the latest UNSCR 1267/1822 changes from the UN website.
- Cross-check all new account opening applications and existing account transactions against the updated list.
- Report any accounts or transactions that match or resemble listed individuals/entities to RBI and FIU-India immediately.
- Ensure your Compliance Officer/Principal Officer acknowledges receipt of this circular letter.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, Financial Institutions
Where can we find the complete consolidated list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.
What should we do if we find a match with the updated list?
You must report such accounts or transactions to both the Reserve Bank of India and the Financial Intelligence Unit-India.
Who is responsible for acknowledging this circular?
The Compliance Officer or Principal Officer of the bank should acknowledge receipt of this circular letter.