What changed
RBI has forwarded updates to the UNSCR 1267 Al-Qaida Sanctions List received from the Ministry of External Affairs. Banks must now incorporate these changes into their customer screening processes and ensure no accounts are linked to newly listed entities.
What it means for you
Banks must immediately update their internal AML/KYC databases with the revised UN sanctions list. Failure to screen new accounts or identify existing linked accounts could lead to regulatory action. The freeze order under UAPA Section 51-A applies to all funds and financial assets of designated persons.
What you must do
- Update the UN Al-Qaida Sanctions List in your AML screening systems using the UN website link provided.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing accounts to identify any matches with the updated list.
- Freeze funds and financial assets of any matched individuals/entities as per UAPA Order procedures.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
Regional Rural Banks (RRBs), State Co-operative Banks, Central Co-operative Banks, Compliance Officers / Principal Officers of these banks
What is the source of the updated sanctions list?
The list is the UN Security Council's 1267/1989 Committee Al-Qaida Sanctions List, updated as per notes dated June 28 and July 2, 2012, forwarded by the Ministry of External Affairs.
What action is required for existing accounts that match the list?
Banks must freeze all funds, financial assets, or economic resources held in such accounts, following the procedure in paragraph 6 of earlier UAPA circulars.
Where can I find the complete sanctions list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml.