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 now use this revised list for customer screening and account monitoring.
What it means for you
Banks must immediately update their internal sanctions lists and ensure no new accounts are opened for listed individuals/entities. Existing accounts must be scanned for matches, and any identified funds or assets 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 internal sanctions database with the latest UN Al-Qaida list from the provided UN website.
- Screen all new account applications against the updated list before account opening.
- Scan all existing accounts to identify any linked to listed individuals or entities.
- Freeze funds, financial assets, or economic resources of matched accounts as per paragraph 6 of 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 sanctions list?
The list comes from 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?
Banks must scan all existing accounts to check if any are held by or linked to listed individuals/entities, and freeze any such accounts as per earlier UAPA guidelines.
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.