What changed
RBI issued this circular on July 6, 2012, updating the UNSCR 1988 sanctions list with changes from March to June 2012. It requires PSOs to update their records and screen accounts accordingly.
What it means for you
Payment system operators must ensure no accounts are held by or linked to designated individuals/entities. This reinforces compliance with anti-money laundering and counter-terrorism financing norms, with strict freezing procedures for flagged accounts.
What you must do
- Update the UNSCR 1988 sanctions list in your systems immediately.
- Screen all new account openings against the updated list before onboarding.
- Scan all existing accounts to identify and report any matches.
- Follow the freezing procedures outlined in RBI circular DBOD.AML.BC. No. 44/14.01.001/2009-10 dated September 17, 2009.
- Ensure nodal officer acknowledges receipt of this circular.
Who it affects
All Payment System Operators authorized under PSS Act, 2007, Compliance teams of payment firms, Nodal officers handling sanctions screening
What is the UNSCR 1988 sanctions list?
It is a UN Security Council list of individuals and entities linked to the Taliban, which RBI requires PSOs to use for screening accounts.
What happens if an existing account matches the list?
PSOs must freeze funds, financial assets, or economic resources as per paragraph 6 of the September 17, 2009 circular.
Where can I find the full sanctions list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.