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 and entities. This updates the previous list circulated via circular dated February 11, 2010.
What it means for you
Urban co-operative banks must immediately update their internal watch lists with the revised UN consolidated list. They are required to verify all new account holders against this list and review existing accounts for any matches, ensuring no prohibited persons or entities hold accounts.
What you must do
- Update your internal database with the latest UN consolidated list available at the UN website.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify and flag any matches with the list.
- Follow the freezing procedures outlined in paragraph 6 of the November 16, 2009 circular for any matched accounts.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
All Primary (Urban) Co-operative Banks, Compliance Officers / Principal Officers of these banks
Where can I find the complete updated list?
The full consolidated 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 follow the freezing of funds, financial assets, or economic resources as detailed in paragraph 6 of the November 16, 2009 circular.
Do I need to report compliance to RBI?
Yes, the Compliance Officer or Principal Officer must acknowledge receipt of this circular to the concerned RBI Regional Office.