What changed
RBI has forwarded a Government of India 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. RRBs must now update their records to include these changes and ensure compliance with the updated list.
What it means for you
RRBs must immediately update their internal systems with the revised UN list to prevent any new account opening for listed entities. They also need to review all existing accounts to identify and freeze any linked assets, following the UAPA Order of August 27, 2009. Non-compliance could lead to regulatory action.
What you must do
- Update the consolidated list of terrorist individuals/entities as per the UNSC 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 matches with the list and report findings.
- Freeze funds, financial assets, or economic resources of designated individuals/entities as per paragraph 6 of the November 5, 2009 circular.
- 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 and Principal Officers of RRBs, Branch managers handling account opening and KYC
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 June 15, 2011.
What action is 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. If found, freeze assets as per the UAPA Order procedures.
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.