What changed
RBI received updated UN Security Council 1988 Committee sanctions list notes dated March 2, March 19, and May 18, 2012, from the Ministry of External Affairs. Banks must incorporate these changes into their existing sanctions screening lists.
What it means for you
Urban co-operative banks must immediately update their customer screening databases with the latest Taliban-linked individuals and entities. Failure to identify and freeze accounts of designated persons could lead to regulatory action and compliance breaches under UAPA.
What you must do
- Update your internal sanctions list with the new UNSCR 1988 entries from the enclosed MEA notes.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing accounts to identify any matches with the updated sanctions list.
- Freeze funds and assets of matched accounts as per paragraph 7 of the November 16, 2009 circular.
- Acknowledge receipt of this circular to your Regional Office through the Compliance Officer.
Who it affects
Primary (Urban) Co-operative Banks, Compliance Officers, Principal Officers, Branch managers handling account opening
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 for existing accounts that match the list?
Banks must freeze the funds, financial assets, or economic resources of such accounts following the procedure in paragraph 7 of the November 16, 2009 circular.
Where can I find the complete sanctions list?
The full list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.