What changed
RBI has forwarded three new UN updates (dated March 2, March 19, and May 18, 2012) to the 1988 Sanctions List of individuals/entities linked to the Taliban. Banks must now incorporate these changes into their customer screening processes.
What it means for you
Banks must immediately update their internal sanctions lists and ensure no new accounts are opened for listed entities. Existing accounts must be scanned for matches, and any identified accounts must be frozen as per the UAPA Order of August 27, 2009. Non-compliance could lead to regulatory action.
What you must do
- Update your sanctions database with the latest UNSCR 1988 list changes from the enclosed MEA notes.
- Screen all new account applications against the updated list before onboarding.
- Conduct a fresh scan of all existing accounts to identify any linked to listed individuals/entities.
- Freeze any matched accounts immediately following the procedures in earlier RBI circulars.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
State Co-operative Banks, Central Co-operative Banks, Regional Rural Banks, Compliance Officers / Principal Officers of these banks
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 via notes dated March 2, March 19, and May 18, 2012.
What action is required if we find a match in an existing account?
You must freeze the funds, financial assets, or economic resources in that account as per paragraph 6 of the earlier RBI circulars referenced in the notification.
Where can we access the full sanctions list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.