What changed
RBI issued a circular on June 30, 2011, updating the consolidated list of individuals/entities linked to Al-Qaida and Taliban based on UN Security Council Committee changes. It requires PSOs to verify new customers against this list and scan existing accounts for matches.
What it means for you
Banks and payment operators must integrate this updated UN sanctions list into their customer onboarding and ongoing monitoring processes. Non-compliance with UAPA orders on freezing assets could lead to regulatory action. This reinforces KYC/AML obligations for all payment system participants.
What you must do
- Update your internal sanctions screening database with the latest UN 1267 consolidated list from the UN website.
- Screen all new account openings and service registrations against the updated list before approval.
- Conduct a one-time scan of all existing customer accounts to identify any matches with the list.
- Follow the freezing procedures outlined in RBI circular DBOD.AML.BC. No. 44/14.01.001/2009-10 dated September 17, 2009, for any matched accounts.
- Ensure your nodal/principal officer acknowledges receipt of this circular to RBI.
Who it affects
All payment system operators authorized under PSS Act, 2007, Banks offering payment services, Non-bank payment service providers, Compliance and AML teams
What is the UN 1267 Consolidated List?
It is a list maintained by the UN Security Council's 1267 Committee of individuals and entities associated with Al-Qaida and Taliban, subject to sanctions including asset freezes.
Do we need to check existing customers as well?
Yes, the circular explicitly requires PSOs to scan all existing accounts to ensure no account is held by or linked to any listed entity or individual.
Where can we find the latest consolidated list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.