What changed
RBI received a March 29, 2010 note from the UN Security Council's 1267 Committee with changes to the Consolidated List of individuals and entities linked to Al-Qaida and Taliban. Banks must update their records accordingly and ensure no account is held by or linked to any listed entity.
What it means for you
Banks must immediately update their internal databases with the revised UN list and screen all new and existing accounts. Non-compliance could lead to regulatory action. This reinforces the need for robust AML/KYC frameworks to prevent terrorist financing.
What you must do
- Update the consolidated list of terrorist individuals/entities as circulated by RBI with the latest UN changes.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify any linked to listed individuals/entities.
- Follow the freezing procedures detailed in paragraph 6 of RBI circular dated September 17, 2009 for any matches.
- 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, communicated via the Government of India (Ministry of External Affairs) in a note dated March 29, 2010.
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 I find the complete consolidated list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.