What changed
RBI forwarded a January 26, 2010 note from the UN Security Council's 1267 Committee with changes to the consolidated list of Al-Qaida and Taliban-linked individuals and entities. This updates the previous lists circulated via circulars dated January 21 and January 25, 2010.
What it means for you
Banks must immediately update their internal sanctions lists with the new UN entries. All new account openings require name screening against this list, and existing accounts must be reviewed to identify any matches. Freezing of funds and assets for designated persons must follow the procedure outlined in RBI's September 17, 2009 circular.
What you must do
- Update your internal consolidated list of terrorist individuals/entities with the latest UN 1267 Committee changes.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing accounts to identify any linked to listed individuals/entities.
- Freeze funds, financial assets, or economic resources of designated persons as per paragraph 6 of the September 17, 2009 circular.
- Ensure Compliance Officer/Principal Officer acknowledges receipt of this circular.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, Financial Institutions
Where can I find the complete updated consolidated list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.
What action is required for existing accounts that match the list?
You must freeze the funds, financial assets, or economic resources held in such accounts, following the procedure detailed in paragraph 6 of RBI's circular dated September 17, 2009.
Do I need to confirm receipt of this circular?
Yes, the Compliance Officer or Principal Officer should acknowledge receipt of this circular letter.