What changed
RBI has forwarded a new consolidated list of terrorist individuals and entities from the UN Security Council's 1267 Committee, based on a note dated November 17, 2009 from the Chairman, updating the previous list circulated via circular dated December 17, 2009.
What it means for you
Banks must immediately update their internal databases with the revised UN list and ensure no new account is opened for any listed entity. Existing accounts must be scanned to identify and freeze any linked funds or assets as per the UAPA Order of August 27, 2009.
What you must do
- Update the consolidated list of terrorist individuals/entities from the UN 1267 Committee website and your RBI circular.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify any matches with the list and take action as per UAPA Order.
- Freeze funds, financial assets, or economic resources of designated individuals/entities as detailed in paragraph 6 of the November 16, 2009 circular.
- Acknowledge receipt of this circular to your respective Regional Office.
Who it affects
All Primary (Urban) Co-operative Banks, Compliance Officers / Principal Officers of UCBs
Where can I find the latest consolidated list of terrorist individuals/entities?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml, as mentioned in the circular.
What action is required for existing accounts that match the list?
Banks must freeze the funds, financial assets, or economic resources of such accounts, following the procedure in paragraph 6 of the November 16, 2009 circular.
Do I need to report compliance to RBI?
Yes, the Compliance Officer or Principal Officer must acknowledge receipt of this circular to the concerned Regional Office of RBI.