What changed
RBI forwarded a March 25, 2010 UN 1267 Committee note with changes to the consolidated list of Al-Qaida and Taliban-linked individuals/entities. Banks must now update their records with this revised list and ensure no accounts are held by or linked to listed entities.
What it means for you
Co-operative banks must immediately update their internal databases with the latest UN consolidated list and screen all new and existing accounts. Non-compliance with UAPA orders on freezing assets could lead to regulatory action. This reinforces the zero-tolerance approach to terrorist financing in the Indian banking system.
What you must do
- Update the consolidated list of terrorist individuals/entities as per the UN 1267 Committee changes received from RBI.
- 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 outlined in paragraph 6 of the October 29, 2009 circular for any matches found.
- Acknowledge receipt of this circular to the concerned RBI Regional Office via the Compliance Officer/Principal Officer.
Who it affects
State Co-operative Banks (StCBs), Central Co-operative Banks (DCCBs), Compliance Officers/Principal Officers of these banks
What is the source of the updated list?
The list comes from the UN Security Council's 1267 Committee, forwarded by the Ministry of External Affairs via RBI circular.
What action is required if an existing account matches the list?
Banks must freeze the funds, financial assets, or economic resources as per paragraph 6 of the October 29, 2009 circular on UAPA orders.
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.