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. Banks must replace the previous list with this new version and apply the same compliance steps.
What it means for you
Banks must immediately update their internal sanctions screening databases with the latest UN list. Failure to identify and freeze accounts of designated individuals or entities could lead to regulatory action and reputational risk. This reinforces the government's commitment to counter-terrorism financing.
What you must do
- Update your internal sanctions list with the new UN Al-Qaida Sanctions List from the UN website.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing accounts to identify any matches with the updated list.
- Freeze funds, financial assets, or economic resources of any matched individuals/entities as per the September 17, 2009 circular.
- Ensure the Compliance Officer acknowledges receipt of this circular.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions
What is the source of the updated list?
The list is the UN Security Council's 1267/1989 Committee's Al-Qaida Sanctions List, forwarded by the Ministry of External Affairs.
What action is required for existing accounts?
Scan all existing accounts to ensure none are held by or linked to any individual or entity on the updated list.
Where can I find the complete list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml.