What changed
RBI forwarded a June 10, 2011 note from the UN Security Council's 1267 Committee with changes to the consolidated list of Al-Qaida and Taliban-linked individuals and entities. This updates the previous list circulated via circular dated June 3, 2011.
What it means for you
Banks must immediately update their internal screening databases with the revised UN list. All new account openings must be checked against this list, and existing accounts must be re-scanned to identify any matches. Freezing of funds and assets must follow the detailed procedures from the September 17, 2009 circular.
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 onboarding.
- Re-scan all existing customer accounts to identify any linked to listed entities or individuals.
- Freeze funds, financial assets, or economic resources of designated persons/entities as per paragraph 6 of the September 17, 2009 circular.
- Ensure Compliance Officer/Principal Officer acknowledges receipt of this circular.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions
Where can we find the complete updated 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 accounts that match the list?
You must freeze the funds, financial assets, or economic resources held in such accounts, following the procedure detailed in paragraph 6 of RBI circular DBOD.AML.BC. No. 44/14.01.001/2009-10 dated September 17, 2009.
Is acknowledgment of this circular mandatory?
Yes, the Compliance Officer/Principal Officer should acknowledge receipt of this circular letter.