What changed
RBI forwarded a March 11, 2010 UN 1267 Committee note with changes to the consolidated list of Al-Qaida/Taliban-linked individuals and entities. Banks must update their records accordingly and ensure no accounts are linked to these designations.
What it means for you
Banks must immediately update their internal sanctions lists and screen all new and existing accounts against the revised UN list. Failure to identify or freeze assets of designated entities could lead to regulatory action. The circular reinforces existing UAPA obligations and freezing procedures from September 2009.
What you must do
- Update the consolidated list of terrorist individuals/entities as per the UN 1267 Committee changes.
- Screen all new account openings against the updated list before onboarding.
- Scan all existing accounts to identify any linked to listed individuals/entities.
- Follow the freezing procedures outlined in 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, All India Financial Institutions
What is the source of the updated list?
The list is from the UN Security Council's 1267 Committee, covering individuals and entities linked to Al-Qaida and Taliban, as per UNSCR 1267(1999) and 1822(2008).
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 consolidated list.
Where can I find the full consolidated list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.