What changed
RBI updated the Al-Qaida sanctions list based on UN Security Council changes from July-August 2012. PSOs must now incorporate these updates into their customer screening processes for both new and existing accounts.
What it means for you
Banks and payment operators must immediately update their AML/KYC systems with the latest UN sanctions list. Failure to screen accounts could lead to regulatory action. This reinforces the government's commitment to counter-terrorism financing under UAPA.
What you must do
- Update your internal sanctions list with the latest UN Al-Qaida list from the UN website.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify and freeze any linked to listed individuals/entities.
- Follow the freezing procedures outlined in RBI's September 17, 2009 circular (DBOD.AML.BC. No. 44/14.01.001/2009-10).
- Ensure your nodal/principal officer acknowledges receipt of this circular.
Who it affects
All Payment System Operators (PSOs) authorized under PSS Act, 2007, Banks offering payment services, AML/KYC compliance teams, Nodal officers for UAPA compliance
What is the source of the updated sanctions list?
The list is from the UN Security Council's 1267/1989 Committee, as communicated by the Ministry of External Affairs via notes dated July 5, 20, 27, and August 29, 2012.
What actions are required for existing accounts?
PSOs must scan all existing accounts to ensure none are held by or linked to individuals/entities on the updated list, and freeze any such accounts as per the September 17, 2009 circular.
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.