What changed
RBI has forwarded a new update from the Ministry of External Affairs, based on the UN Security Council's 1988 Committee, containing changes to the sanctions list of individuals and entities linked to the Taliban. This supersedes the previous list circulated via circular dated October 09, 2012.
What it means for you
UCBs must immediately update their internal sanctions lists and screen all new account openings against the updated list. Existing accounts must also be scanned to ensure no matches exist, and any frozen assets must be handled per the 2009 UAPA order.
What you must do
- Update your internal sanctions list with the latest UNSCR 1988 changes received from RBI via Ministry of External Affairs.
- 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 detailed in paragraph 7 of RBI's November 16, 2009 circular.
- Ensure the Compliance Officer or Principal Officer acknowledges receipt of this circular to the Regional Office concerned.
Who it affects
All Primary (Urban) Co-operative Banks, Compliance Officers, Principal Officers
What is the source of the updated sanctions list?
The list is from the UN Security Council's 1988 Committee, forwarded by the Ministry of External Affairs. The full list is available on the UN website.
What action is required for existing accounts?
Banks must scan all existing accounts to ensure no account is held by or linked to any individual or entity on the updated sanctions list.
What should we do if we find a match?
Follow the freezing procedures detailed in paragraph 7 of RBI circular UBD.CO.BPD. PCB. Cir. No. 21/12.05.001/2009-10 dated November 16, 2009.