What changed
RBI issued a circular on April 12, 2012, updating the UNSCR 1988 Sanctions List based on a February 14, 2012 note from the UN Security Council's 1988 Committee. This replaces the earlier list circulated in January 2012 and requires PSOs to immediately incorporate the changes.
What it means for you
Banks and payment operators must cross-check all new account openings against the updated Taliban sanctions list and review existing accounts for matches. Non-compliance with the UAPA Order of August 27, 2009, and related RBI instructions could lead to regulatory action. Freezing of assets must follow the procedure outlined in the September 17, 2009 circular.
What you must do
- Update your internal sanctions database with the latest UN 1988 Sanctions List from the UN website.
- Screen all new account applications against the updated list before onboarding.
- Conduct a retrospective scan of all existing accounts to identify any matches with listed entities.
- Freeze any identified accounts or assets as per paragraph 6 of the September 17, 2009 circular.
- 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, Compliance and AML teams at financial institutions
What is the UN 1988 Sanctions List?
It is a list maintained by the UN Security Council's 1988 Committee of individuals and entities linked to the Taliban, subject to asset freezes and travel bans under UNSCR 1988.
What action is required if a match is found?
You must freeze the funds, financial assets, or economic resources of the matched individual/entity as per the procedure in paragraph 6 of RBI circular DBOD.AML.BC. No. 44/14.01.001/2009-10 dated September 17, 2009.
Where can I find the complete updated list?
The full list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.