What changed
RBI received a copy of a note dated March 29, 2010 from the Chairman of the UN Security Council's 1267 Committee regarding changes to the consolidated list of individuals/entities linked to Al-Qaida and Taliban. This circular references the previous circular dated April 12, 2010 and provides the updated list. Banks must now use this updated list for all screening.
What it means for you
UCBs must immediately update their internal sanctions screening databases with the revised UN list. Failure to identify and freeze accounts of designated entities could lead to regulatory action. The circular reinforces the strict compliance requirements under the UAPA Order of August 27, 2009, including freezing of funds and economic resources.
What you must do
- Update your internal consolidated list of UNSC 1267/1822 designated individuals/entities with the latest changes from the March 29, 2010 note.
- Screen all new account openings against the updated list before onboarding any customer.
- Conduct a fresh scan of all existing accounts to identify any matches with the revised list.
- Freeze funds, financial assets, or economic resources of any matched accounts as per paragraph 6 of the November 16, 2009 circular.
- Ensure your Compliance Officer/Principal Officer acknowledges receipt of this circular to the respective RBI Regional Office.
Who it affects
All Primary (Urban) Co-operative Banks (UCBs), Compliance Officers and Principal Officers of UCBs, Branch operations teams handling account opening and monitoring
Where can we access the complete updated consolidated list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml. RBI has also enclosed a copy of the March 29, 2010 note.