What changed
RBI has forwarded the latest updates to the UN Security Council's Al-Qaida Sanctions List, received from the Ministry of External Affairs via notes dated June 28 and July 2, 2012. Banks must now incorporate these changes into their screening processes.
What it means for you
Banks must immediately update their internal sanctions lists with the new UN designations and ensure no new accounts are opened for listed individuals or entities. Existing accounts must be scanned, and any linked accounts must be frozen following the procedures in the September 17, 2009 circular.
What you must do
- Update your internal sanctions database with the latest Al-Qaida Sanctions 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 accounts as per paragraph 6 of the September 17, 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 list is 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?
Scan all existing accounts to ensure none are held by or linked to any newly designated individuals or entities, and freeze any matches as per earlier RBI instructions.
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.