What changed
RBI forwarded a March 1, 2010 UN 1267 Committee note with changes to the consolidated list of Al-Qaida/Taliban-linked individuals and entities. This supersedes the previous list circulated via the March 19, 2010 circular.
What it means for you
Co-operative banks must immediately update their internal watchlists and ensure no new account is opened for any listed entity. Existing accounts must be scanned, and if any match is found, funds must be frozen as per the UAPA Order and October 29, 2009 circular guidelines.
What you must do
- Update your internal consolidated list of terrorist individuals/entities using the UN website link provided.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing accounts to identify any matches with the updated list.
- Freeze funds and financial assets of matched accounts as per paragraph 6 of the October 29, 2009 circular.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
State Co-operative Banks (StCBs), Central Co-operative Banks (DCCBs), Compliance Officers/Principal Officers of these banks
Where can we find the complete 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 the note from the UN 1267 Committee with this circular.
What action is required if an existing account matches the list?
You must freeze the funds, financial assets, or economic resources held in that account, following the procedure detailed in paragraph 6 of RBI circular dated October 29, 2009.
Do we need to report compliance to RBI?
Yes, the Compliance Officer/Principal Officer must acknowledge receipt of this circular to the concerned RBI Regional Office.