What changed
RBI forwarded updated UN Security Council Al-Qaida sanctions list entries from June 28 and July 2, 2012, to Primary UCBs. Banks must now incorporate these changes into their customer screening processes.
What it means for you
Primary UCBs must immediately update their internal sanctions lists and verify all new and existing accounts against the revised UN list. Non-compliance with UAPA freezing orders could attract regulatory action.
What you must do
- Update the UNSCR 1267/1989 sanctions list with the latest entries from June 28 and July 2, 2012.
- Screen all new account openings against the updated list before onboarding.
- Scan existing accounts to identify any links to newly added individuals or entities.
- Follow the freezing procedures outlined in paragraph 7 of the November 16, 2009 circular.
- Acknowledge receipt of this circular to your Regional Office.
Who it affects
Primary (Urban) Co-operative Banks, Compliance Officers, Principal Officers
What is the source of the updated sanctions list?
The list comes from the UN Security Council's 1267/1989 Committee, forwarded by the Ministry of External Affairs via notes dated June 28 and July 2, 2012.
What action is required for existing accounts?
Banks must scan all existing accounts to ensure none are held by or linked to any individual or entity on the updated sanctions list.
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.