What changed
RBI forwarded a Government of India note dated April 12, 2010, from the UN Security Council's 1267 Committee, containing changes to the consolidated list of individuals and entities associated with Al-Qaida and Taliban. Banks must now use this updated list for account screening and compliance.
What it means for you
Co-operative banks must immediately update their internal databases with the revised UN list and cross-check all existing accounts. Failure to identify and freeze accounts linked to listed entities could lead to regulatory action. This reinforces the strict KYC/AML framework under 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 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.
- Freeze funds, financial assets, or economic resources of designated entities as per paragraph 6 of the October 29, 2009 circular.
- Acknowledge receipt of this circular to your respective RBI Regional Office through the Compliance/Principal Officer.
Who it affects
State Co-operative Banks (StCBs), Central Co-operative Banks (DCCBs), Compliance Officers and Principal Officers of co-operative banks
What is the source of the updated list?
The list is the UN Security Council's 1267 Committee consolidated list of individuals and entities linked to Al-Qaida and Taliban, as communicated by the Government of India (Ministry of External Affairs) via a note dated April 12, 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. If found, funds and assets must be frozen as per the procedure in the October 29, 2009 circular.
Where can we find the complete consolidated list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.