UNSCR 1929 Sanctions: Co-op Banks Must Screen Accounts
Current · Source: Reserve Bank of India · RBI/2011-12/364 · issued 24 Jan 2012 · ~1 min read
Quick answerRBI directs all state and central co-operative banks to cross-check new and existing accounts against the UNSCR 1929 sanctions list published in the Gazette of India, and report matches to RBI and FIU-IND.
Sanctions-list safety note. This circular refers to a specific UN Security Council / UAPA designated-entities list update as it stood on the date above — sanctions lists change often, and a newer update almost certainly exists today. Never use this page, or any single dated circular, as your current screening list. Always screen against the live, current list at the official UAPA proscribed-organisations list and the UN Consolidated List, and confirm the obligations for your bank on the official rbi.org.in source below.
The rule, in the simplest words
All state and central co‑operative banks must check every new account and all existing account transactions against the UNSCR 1929 sanctions list that is published in the Gazette of India (the list of people or groups the government says you can’t do business with).
If any account or transaction matches someone on that list, the bank must immediately report it to the RBI (Reserve Bank of India) and FIU‑IND (Financial Intelligence Unit‑India).
The bank’s Compliance Officer or Principal Officer must confirm they received this instruction and send a note to the RBI regional office.
Not following these steps can lead to penalties, as it is part of India’s promise to follow UN sanctions.
How it plays out — a real example
In Jaipur, a cooperative bank officer named Ramesh checks a new account applicant against the UNSCR 1929 list. When a transaction shows a name on the list, he reports it to RBI and FIU‑IND right away, and the compliance officer sends a confirmation to the regional office.
What changed
RBI has issued a circular enclosing the Ministry of External Affairs order of November 4, 2011, which implements UN Security Council Resolution 1929 (2010) on non-proliferation. Co-operative banks are now required to screen all account openings and existing transactions against the listed individuals/entities.
What it means for you
Banks must integrate the sanctions list into their KYC and transaction monitoring processes to identify and report any matches. Non-compliance could lead to regulatory action, as this is part of India's international obligations under UN sanctions.
What you must do
Obtain the Gazette notification listing individuals/entities under UNSCR 1929 and distribute it to all branches.
Cross-check all new account applications and existing account transactions against the list.
Report any matching accounts or transactions to RBI and FIU-IND immediately.
Ensure the Compliance Officer/Principal Officer acknowledges receipt of this circular to the concerned RBI Regional Office.
Who it affects
State Co-operative Banks, Central Co-operative Banks, Compliance Officers/Principal Officers of co-operative banks
❓ Common questions
What is UNSCR 1929 (2010)?
It is a United Nations Security Council resolution imposing sanctions on Iran related to non-proliferation, requiring member states to freeze assets and prevent transactions with designated individuals/entities.
Do we need to report only new accounts?
No, the circular requires cross-checking both new account applications and transactions in existing accounts against the list.
To whom should we report matches?
Report accounts that resemble listed individuals/entities to both the Reserve Bank of India and the Financial Intelligence Unit-India.
📜 Read the original circular — full text as issued by RBI
RBI/2011-12/364
RPCD.CO.RCB.AML.No.7343/07.02.12/2011-12
January 24, 2012
The Chairmen / CEOs of all State and Central Co-operative Banks
Dear Sir,
Implementation of the UNSCR 1929 (2010) on Non-proliferation
Government of India Order of November 04, 2011
Please find enclosed a copy of Ministry of External Affairs Order dated November 4, 2011 published in the Gazette of India on implementation of United Nations Security Council Resolution 1929 (2010).
2. Utmost care should be taken by State and Central Co-operative Banks to ensure to cross check all account opening applications and transactions carried out in the existing accounts with the list of individuals / entities enlisted in the Gazette and report those accounts to Reserve Bank of India and Financial Intelligence Unit-India which bear resemblance with the individuals/ entities listed therein.
3. Compliance Officer/Principal Officer should acknowledge receipt of this circular letter to our concerned Regional Office.
Yours faithfully,
(I.S.Negi)
General Manager
Encl: As above
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/364 · issued 24 Jan 2012. The plain-English explanation above is BankPulse’s own independent summary.
Obtain the Gazette notification listing individuals/entities under UNSCR 1929 and distribute it to all branches.
💻 IT / Systems
Cross-check all new account applications and existing account transactions against the list.
📜 Compliance
Report any matching accounts or transactions to RBI and FIU-IND immediately.
Ensure the Compliance Officer/Principal Officer acknowledges receipt of this circular to the concerned RBI Regional Office.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are a Branch Manager at a bank this circular applies to (State Co-operative Banks, Central Co-operative Banks, Compliance Officers/Principal Officers of co-operative banks), your first concrete step on “UNSCR 1929 Sanctions: Co-op Banks Must Screen Accounts” is: “Obtain the Gazette notification listing individuals/entities under UNSCR 1929 and distribute it to all branches.” (RBI issued this 24 Jan 2012).
Action required: Obtain the Gazette notification listing individuals/entities under UNSCR 1929 and distribute it to all branches.
Action required: Cross-check all new account applications and existing account transactions against the list.
Action required: Report any matching accounts or transactions to RBI and FIU-IND immediately.
Action required: Ensure the Compliance Officer/Principal Officer acknowledges receipt of this circular to the concerned RBI Regional Office.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6961&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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