What changed
RBI has forwarded a March 29, 2010 UN Security Council 1267 Committee note with changes to the consolidated list of Al-Qaida and Taliban-linked individuals/entities. Banks must update their records accordingly and ensure no account is held by or linked to listed entities.
What it means for you
Co-operative banks must immediately update their internal watch lists with the revised UN consolidated list. Before opening any new account, banks must verify the proposed customer's name against this list. Existing accounts must also be scanned to identify and freeze any linked assets as per the UAPA Order of August 27, 2009.
What you must do
- Update the consolidated list of terrorist individuals/entities as per the UN 1267 Committee changes received from the Government of India.
- Screen all new account applications against the updated list before account opening.
- Scan all existing accounts to identify any held by or linked to listed individuals/entities.
- Freeze funds, financial assets, or economic services of designated entities as per paragraph 6 of the October 29, 2009 circular.
- Compliance Officer/Principal Officer to acknowledge receipt of this circular to the concerned RBI Regional Office.
Who it affects
State Co-operative Banks (StCBs), Central Co-operative Banks (DCCBs), Compliance Officers/Principal Officers of co-operative 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.
What action is required for existing accounts linked to listed entities?
Banks must freeze funds, financial assets, or economic resources held in such accounts, following the procedure in paragraph 6 of the October 29, 2009 circular.
Do we need to acknowledge receipt of this circular?
Yes, the Compliance Officer/Principal Officer must send an acknowledgment to the concerned RBI Regional Office.