What changed
RBI forwarded a March 25, 2010 UN Security Council 1267 Committee note with changes to the consolidated list of Al-Qaida/Taliban-linked individuals and entities. Banks must update their records from the previous circular (March 18, 2010) and ensure no account is linked to the revised list.
What it means for you
Banks must immediately update their internal sanctions lists with the latest UNSC changes and screen all new account openings against it. Existing accounts must be scanned to identify and report any matches. Freezing of funds and assets must follow the procedures in the September 17, 2009 circular, ensuring strict compliance with the UAPA Order.
What you must do
- Update your internal consolidated list of terrorist individuals/entities with the latest UNSC 1267 Committee changes from the March 25, 2010 note.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify any linked to listed individuals/entities and report findings.
- Follow the freezing procedures detailed in paragraph 6 of the September 17, 2009 circular for any matched accounts.
- 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, forwarded by the Ministry of External Affairs via a note dated March 25, 2010. The full list is on the UN website.
What actions are 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.
What is the procedure for freezing assets?
Freezing of funds, financial assets, or economic resources must follow the steps in paragraph 6 of RBI's September 17, 2009 circular, which implements the UAPA Order.