What changed
RBI forwarded a May 5, 2010 note from the UN Security Council's 1267 Committee detailing changes to the consolidated list of Al-Qaida and Taliban-linked individuals and entities. This supersedes the previous list circulated via circular dated April 29, 2010.
What it means for you
UCBs must immediately update their internal screening databases with the revised UN list to prevent any new account opening for listed entities. Existing accounts must be scanned for matches, and any identified accounts must be frozen as per the UAPA Order procedures outlined in the November 16, 2009 circular.
What you must do
- Update your bank's consolidated list of UNSC-designated individuals/entities with the latest changes from the May 5, 2010 UN 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.
- Freeze funds and assets of any matched accounts following paragraph 6 of the November 16, 2009 circular.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
Primary (Urban) Co-operative Banks, Compliance Officers / Principal Officers of UCBs
What is the source of the updated list?
The list is from the UN Security Council's 1267 Committee, as communicated by the Government of India (Ministry of External Affairs) via a note dated May 5, 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 list, and freeze any such accounts as per the UAPA Order procedures.
Where can I find the complete consolidated list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.