What changed
RBI has forwarded a November 17, 2009 note from the UN Security Council's 1267 Committee containing changes to the consolidated list of individuals and entities linked to Al-Qaida and Taliban. Banks must update their records with this revised list and ensure no account is held by or linked to any listed entity.
What it means for you
Co-operative banks must immediately update their internal sanctions screening systems with the latest UN list. They are required to check all new account openings against this list and review existing accounts for any matches. Non-compliance with the UAPA Order and freezing procedures could lead to regulatory action.
What you must do
- Update the consolidated list of terrorist individuals/entities as circulated by RBI with the latest UNSCR 1267 changes.
- Screen all new account proposals against the updated list before opening accounts.
- Scan all existing accounts to identify and report any linked to listed individuals/entities.
- Follow the freezing procedures detailed in paragraph 6 of RBI circular dated October 29, 2009 for any matches.
- Ensure Compliance Officer/Principal Officer acknowledges receipt of this circular to the concerned RBI Regional Office.
Who it affects
State Co-operative Banks, Central Co-operative Banks, Compliance Officers, Principal Officers
What is the source of the updated list?
The list is from the UN Security Council's 1267 Committee, as communicated by the Government of India (Ministry of External Affairs) via a note dated November 17, 2009.
What action is required for existing accounts?
Banks must scan all existing accounts to ensure no account is held by or linked to any entity or individual on the updated consolidated list.
Where can the full consolidated list be accessed?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.