What changed
RBI has communicated updates to the UNSCR 1988 (2011) Sanctions List, based on notes from the UN Security Council Committee dated July 19, August 13, and August 15, 2012. This supersedes the previous list circulated via the July 11, 2012 circular.
What it means for you
Banks must immediately update their internal sanctions screening databases with the revised list. Failure to identify and freeze accounts of designated entities could lead to regulatory action and penalties under UAPA, 1967.
What you must do
- Update the UNSCR 1988 sanctions list with the latest additions/deletions from the enclosed UN notes.
- Screen all new account applications against the updated list before onboarding.
- Conduct a retrospective scan of existing accounts to identify any matches with the revised list.
- Freeze funds and financial assets of any matched individuals/entities as per paragraph 6 of earlier circulars.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
State Co-operative Banks (StCBs), District Central Co-operative Banks (DCCBs), Regional Rural Banks (RRBs), Compliance Officers and Principal Officers of these banks
What is the UNSCR 1988 (2011) Sanctions List?
It is a UN Security Council list of individuals and entities associated with the Taliban, against which member states must apply asset freezes and other sanctions.
Do we need to check only new accounts or existing ones too?
Both. The circular mandates screening before opening new accounts and scanning all existing accounts to ensure no account is linked to listed entities.
Where can we find the full updated list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.