What changed
RBI forwarded a June 4, 2010 note from the UN Security Council's 1267 Committee with changes to the Consolidated List of individuals and entities linked to Al-Qaida and Taliban. This updates the previous list circulated via circular dated May 14, 2010. UCBs must now incorporate these changes into their screening processes.
What it means for you
UCBs must immediately update their internal sanctions lists and ensure no new account is opened for any listed individual/entity. Existing accounts must be scanned to identify any links to the updated list. Banks must also comply with the UAPA Order of August 27, 2009, including freezing funds and assets of designated persons as per earlier instructions.
What you must do
- Update the consolidated list of UN-designated individuals/entities linked to Al-Qaida and Taliban using the UN website (http://www.un.org/sc/committees/1267/consolist.shtml).
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify any held by or linked to listed individuals/entities.
- Freeze funds, financial assets, or economic resources of designated persons as per paragraph 6 of the November 16, 2009 circular.
- Acknowledge receipt of this circular to your Regional Office through the Compliance Officer/Principal Officer.
Who it affects
All Primary (Urban) Co-operative Banks, Compliance Officers and Principal Officers of UCBs, Branch managers handling account opening and KYC
What is the source of the updated list?
The updated list comes from the UN Security Council's 1267 Committee, as communicated by the Government of India (Ministry of External Affairs) via a note dated June 4, 2010.
What actions are 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, freezing of funds and assets must follow the procedure in paragraph 6 of the November 16, 2009 circular.
Where can we find the complete consolidated list?
The complete consolidated list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.