What changed
RBI forwarded a January 19, 2010 note from the UN Security Council's 1267 Committee with changes to the consolidated list of individuals/entities linked to Al-Qaida and Taliban. Banks must now update their records with this revised list and ensure compliance with earlier UAPA-related instructions.
What it means for you
UCBs must immediately incorporate the updated UN list into their customer screening processes to prevent any association with designated terrorists. Failure to comply could lead to regulatory action, and banks must also freeze assets of matched entities as per earlier circular guidelines.
What you must do
- Update your internal consolidated list with the latest UN 1267 Committee changes received from the Ministry of External Affairs.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify and flag any matches with the listed individuals or entities.
- Follow the freezing procedures detailed in paragraph 6 of the November 16, 2009 circular for any matched accounts.
- Acknowledge receipt of this circular to your respective RBI Regional Office through the Compliance Officer or Principal Officer.
Who it affects
All Primary (Urban) Co-operative Banks, Compliance Officers and Principal Officers of UCBs
What is the source of the updated list?
The list is the UN Security Council's 1267 Committee consolidated list of individuals and entities linked to Al-Qaida and Taliban, as amended and forwarded by the Ministry of External Affairs via a note dated January 19, 2010.
What action is required for existing accounts?
Banks must scan all existing accounts to ensure none are held by or linked to any entity or individual on the updated list. If a match is found, freezing of funds and assets must follow the procedure in paragraph 6 of the November 16, 2009 circular.
Where can I find the complete consolidated list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.