What changed
RBI circulated updates to the UN 1988 Sanctions List (Taliban-related) received from the Ministry of External Affairs via notes dated July 19, August 13, and August 15, 2012. Banks must now incorporate these changes into their screening processes.
What it means for you
Banks must ensure no new or existing accounts are linked to the updated list of designated individuals/entities. Non-compliance could lead to regulatory action, and freezing of assets must strictly follow the 2009 UAPA Order procedures.
What you must do
- Update your internal sanctions list with the latest UN 1988 Committee changes from the enclosed notes.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing accounts to identify and report any matches with the list.
- Follow the freezing procedures outlined in paragraph 6 of the September 17, 2009 circular for any matches.
- Ensure the Compliance Officer/Principal 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 updates come from the UN Security Council's 1988 Committee, forwarded by the Ministry of External Affairs via notes dated July 19, August 13, and August 15, 2012.
What action is required for existing accounts?
Banks must scan all existing accounts to ensure none are held by or linked to any entity or individual on the updated list.
Where can I find the complete list?
The full list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.