What changed
RBI received an updated consolidated list from the UN Security Council's 1267 Committee via the Ministry of External Affairs, via a note dated January 24, 2011. RRBs must now use this updated list for customer screening and account monitoring.
What it means for you
RRBs must ensure no new account is opened for any listed individual/entity and review all existing accounts for links to the updated list. Compliance with the UAPA Order dated August 27, 2009, including freezing of funds and assets, is mandatory. Non-compliance could lead to regulatory action.
What you must do
- Update your internal consolidated list of terrorist individuals/entities with the latest UN 1267 Committee changes.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify and report any matches with the updated list.
- Follow the freezing procedures for funds and assets as per paragraph 6 of the circular dated November 05, 2009.
- Acknowledge receipt of this circular to your respective RBI Regional Office through the Compliance Officer/Principal Officer.
Who it affects
All Regional Rural Banks (RRBs), Compliance Officers of RRBs, Branch managers handling account opening and monitoring
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 January 24, 2011.
What actions are required for existing accounts?
RRBs must scan all existing accounts to ensure no account is held by or linked to any entity or individual on the updated list, and take freezing actions as per the UAPA Order.
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.