What changed
RBI forwarded a March 1, 2010 note from the UN Security Council's 1267 Committee with changes to the consolidated list of Al-Qaida and Taliban-linked individuals/entities. RRBs must now update their records accordingly and ensure compliance with earlier circulars on account screening and asset freezing.
What it means for you
RRBs must immediately update their internal watchlists to reflect the revised UN list and screen all new account openings against it. Existing accounts also need to be scanned to identify any matches, and if found, banks must freeze funds/assets as per the UAPA Order procedures outlined in the November 2009 circular. Non-compliance could lead to regulatory action.
What you must do
- Update the consolidated list of terrorist individuals/entities using the UN website link provided.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify any linked to listed individuals/entities.
- Freeze funds, financial assets, or economic resources of designated entities as per paragraph 6 of the November 5, 2009 circular.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
All Regional Rural Banks (RRBs), Compliance Officers/Principal Officers of RRBs
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 March 1, 2010.
What actions are required for existing accounts?
RRBs must scan all existing accounts to ensure none are held by or linked to listed individuals/entities. If found, freeze funds and assets as per the UAPA Order and earlier RBI circular.
Where can we access the full consolidated list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.