What changed
RBI issued a circular on July 22, 2010, forwarding a Government of India note from July 19, 2010, with updates to the UN Security Council's 1267 Committee consolidated list of terrorist individuals and entities. Banks must incorporate these changes into their screening processes.
What it means for you
Banks must ensure no new account is opened for any person or entity on the updated UN list. Existing accounts must be reviewed to identify and freeze any linked accounts, following the procedures in the UAPA Order of August 27, 2009, and RBI's September 17, 2009 circular.
What you must do
- Update your internal consolidated list with the latest UNSCR 1267/1822 changes from the Government of India note dated July 19, 2010.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify any linked to listed individuals or entities.
- Freeze funds and assets of matched accounts as per paragraph 6 of the September 17, 2009 circular.
- Ensure compliance with the UAPA Order dated August 27, 2009, and acknowledge receipt of this circular.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions
What is the source of the updated list?
The list is from the UN Security Council's 1267 Committee, forwarded by the Government of India (Ministry of External Affairs) via a note dated July 19, 2010.
What actions are required for existing accounts?
Banks must scan all existing accounts to ensure none are held by or linked to listed entities or individuals, and freeze any such accounts as per earlier RBI instructions.
Where can the full consolidated list be accessed?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.