What changed
RBI has forwarded a January 26, 2012 update from the UN Security Council's 1267/1989 Committee to the Al-Qaida Sanctions List. This supersedes the previous list circulated via circulars dated January 5-6, 2012. Banks must now use this updated list for all customer screening.
What it means for you
Co-operative banks and RRBs must immediately update their internal sanctions screening systems with the revised UN list. Failure to identify a match could lead to regulatory action. The circular reinforces that the same UAPA Order procedures for freezing assets apply to these newly added or modified entries.
What you must do
- Update your internal sanctions list with the latest UN Al-Qaida Sanctions List from the UN website.
- Screen all new account applications against the updated list before onboarding.
- Conduct a fresh scan of all existing accounts to identify any matches with the updated list.
- If a match is found, immediately freeze the account and follow the UAPA Order procedures as per earlier RBI circulars.
- Have your Compliance Officer acknowledge receipt of this circular to the respective RBI Regional Office.
Who it affects
State Co-operative Banks, Central Co-operative Banks, Regional Rural Banks (RRBs), Compliance Officers of these banks
Where can I find the complete updated Al-Qaida Sanctions List?
The full consolidated list is available on the UN website at http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml.
What action should I take if an existing customer matches the updated list?
You must immediately freeze the funds, financial assets, or economic resources held in that account, following the procedure detailed in paragraph 6 of the earlier UAPA circulars referenced in this notification.
Do I need to confirm receipt of this circular to RBI?
Yes, the Compliance Officer or Principal Officer must send an acknowledgment of receipt to the concerned RBI Regional Office.