What changed
RBI has circulated an updated Al-Qaida Sanctions List from the UN Security Council's 1267/1989 Committee, received via the Ministry of External Affairs on April 13, 2012. Banks must now use this revised list for customer screening and account freezing actions.
What it means for you
Banks must immediately update their internal sanctions databases with the new list and ensure no new accounts are opened for listed individuals/entities. Existing accounts must be scanned and any matches reported and frozen as per the UAPA Order of August 27, 2009. Non-compliance could lead to regulatory action.
What you must do
- Update your internal UN Al-Qaida sanctions list with the latest changes from the UNSC 1267/1989 Committee.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing accounts to identify any linked to listed individuals/entities.
- Freeze funds and assets of matched accounts as per paragraph 6 of earlier circulars (RPCD.CO.RF.AML.BC. No. 34/2009-10 and RPCD.CO.RRB.No.39/2009-10).
- Acknowledge receipt of this circular to your respective RBI Regional Office via the Compliance/Principal Officer.
Who it affects
State Co-operative Banks, Central Co-operative Banks, Regional Rural Banks (RRBs)
What is the source of the updated list?
The list is from the UN Security Council's 1267/1989 Committee, forwarded by the Ministry of External Affairs on April 13, 2012.
What actions are required for existing accounts?
Banks must scan all existing accounts to ensure none are held by or linked to any individual or entity on the updated Al-Qaida Sanctions List.
Where can I find the complete list?
The full consolidated list is available on the UN website at http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml.