What changed
RBI circulated updates to the UNSCR 1988 sanctions list based on Government of India notes from March and May 2012. Banks must incorporate these changes into their screening processes.
What it means for you
Banks must immediately update their internal sanctions lists with the latest Taliban-related entities and individuals. Failure to screen new and existing accounts could lead to regulatory action. This reinforces the legal obligation under UAPA, 1967 to freeze assets of designated persons.
What you must do
- Update your internal sanctions database with the latest UNSCR 1988 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.
- Freeze funds and assets of any matched individuals/entities as per the procedure in the September 2009 circular.
- Ensure your 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 sanctions list?
The updates come from the UN Security Council's 1988 Committee, forwarded by the Ministry of External Affairs. The full list is on the UN website.
Do we need to freeze accounts immediately upon finding a match?
Yes, follow the freezing procedure outlined in paragraph 6 of RBI's September 17, 2009 circular on UAPA implementation.
Is this a one-time update or recurring?
This is a recurring obligation. RBI will continue to circulate updates as the UN sanctions list changes.