What changed
RBI received updated UN Security Council 1988 Sanctions List entries from the Government of India, dated June 1 and June 11, 2012. Banks must now incorporate these changes into their customer screening processes and ensure compliance with the UAPA Order of August 27, 2009.
What it means for you
Banks must immediately update their internal sanctions lists and screen all new account openings against the revised list. Existing accounts must be scanned to identify any links to newly designated individuals or entities, and any matches must be reported and frozen as per earlier circulars.
What you must do
- Update your internal sanctions list with the new UNSCR 1988 entries from the June 2012 updates.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify any linked to newly listed individuals or entities.
- Freeze funds and assets of any matched accounts as per paragraph 6 of earlier circulars.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
Regional Rural Banks, State Co-operative Banks, Central Co-operative Banks, Compliance Officers/Principal Officers
What is the UNSCR 1988 Sanctions List?
It is a UN Security Council list of individuals and entities associated with the Taliban, which member states must enforce by freezing assets and preventing financial transactions.
What should we do if we find a match in existing accounts?
Follow the freezing procedures detailed in paragraph 6 of the earlier circulars (dated October 29, 2009 and November 5, 2009) and report to the RBI Regional Office.
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.