What changed
RBI has forwarded new updates to the UNSCR 1988 (2011) sanctions list, received from the Ministry of External Affairs via notes dated July 19, August 13, and August 15, 2012. These updates include changes to the list of individuals and entities associated with the Taliban. UCBs are now required to incorporate these changes into their compliance checks.
What it means for you
UCBs must immediately update their internal sanctions screening systems with the revised UN list. Failure to identify and freeze accounts of designated entities could lead to regulatory action. This reinforces the government's commitment to combating terrorism financing and requires banks to maintain rigorous KYC and transaction monitoring processes.
What you must do
- Update your internal sanctions list with the latest UNSCR 1988 (2011) changes provided in the enclosed notes.
- Screen all new account applications against the updated list before onboarding customers.
- Scan all existing accounts to identify any matches with the updated list and report findings.
- Freeze funds and economic resources of any matched accounts as per paragraph 7 of the November 16, 2009 circular.
- Acknowledge receipt of this circular to your respective Regional Office through the Compliance Officer.
Who it affects
Primary (Urban) Co-operative Banks, Compliance Officers of UCBs, Principal Officers of UCBs
What is the source of the updated sanctions list?
The updates come from the UN Security Council's 1988 (2011) Committee, forwarded by the Ministry of External Affairs through notes dated July 19, August 13, and August 15, 2012.
What action is required if we find a match in existing accounts?
You must freeze the funds, financial assets, or economic resources of the matched individual/entity as detailed in paragraph 7 of the November 16, 2009 circular.
Where can we access the full sanctions list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.