What changed
RBI circulated an update to the UNSCR 1988 Sanctions List for Taliban-linked individuals and entities, based on a note from the UN Security Council's 1988 Committee dated October 25, 2012, received via the Government of India. Banks must now use this updated list for account screening and compliance.
What it means for you
Banks must ensure no new accounts are opened for listed entities and scan all existing accounts for matches. Non-compliance with UAPA orders on freezing assets could lead to regulatory action.
What you must do
- Update your internal sanctions list with the latest UN 1988 Committee changes immediately.
- Screen all new account applications against the updated list before onboarding.
- Review all existing accounts to identify and freeze any linked to listed individuals or entities.
- Ensure compliance with UAPA Order dated August 27, 2009, and related RBI circulars.
- Have your Compliance Officer acknowledge receipt of this circular to the concerned RBI Regional Office.
Who it affects
Regional Rural Banks (RRBs), State and Central Co-operative Banks, All India Financial Institutions
What is the UN 1988 Sanctions List?
It is a list maintained by the UN Security Council's 1988 Committee of individuals and entities linked to the Taliban, subject to asset freezing and other sanctions.
What action is required for existing accounts?
Banks must scan all existing accounts to ensure no account is held by or linked to any entity or individual on the updated sanctions list, and freeze assets if found.
Where can I find the full sanctions list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.