What changed
The UN Security Council's 1988 Committee issued notes dated June 27, July 2, July 19, August 13, and August 15, 2012, updating the sanctions list of Taliban-linked individuals and entities. RBI circular dated October 3, 2012, requires NBFCs to update their records accordingly.
What it means for you
NBFCs must update their internal databases with the revised UN sanctions list and ensure no new or existing accounts are linked to listed entities. This tightens anti-money laundering and counter-terrorism financing controls.
What you must do
- Download the updated UNSCR 1988 sanctions list from the UN website and cross-reference with your customer database.
- Before opening any new account, verify the proposed customer's name against the updated list.
- Scan all existing accounts to ensure no account is held by or linked to any listed individuals or entities.
Who it affects
All Non-Banking Financial Companies (NBFCs), Residuary Non-Banking Companies (RNBCs), Compliance and AML teams at NBFCs, Customer onboarding and account management teams
What is the UNSCR 1988 sanctions list?
It is a UN Security Council list of individuals and entities linked to the Taliban, updated periodically. NBFCs must screen customers against this list to comply with Section 51-A of UAPA, 1967.
How often do I need to update the sanctions list?
RBI will notify NBFCs whenever the UN 1988 Committee issues updates. In this circular, updates from June to August 2012 were communicated. You should regularly check the UN website for changes.
What happens if I find a match in an existing account?
You must ensure no account is held by or linked to listed entities. The source does not specify freezing or reporting; refer to the full UAPA guidelines for further actions.