What changed
RBI has circulated an updated version of the UNSCR 1988 sanctions list, which includes changes made by the UN Security Council's 1988 Committee. This replaces the previous list from the November 1, 2012 circular.
What it means for you
UCBs must immediately update their internal sanctions lists and screen all new account openings against the revised list. Existing accounts must be scanned to identify any matches, and if found, banks must freeze funds and assets as per the UAPA Order of August 27, 2009.
What you must do
- Update the UNSCR 1988 sanctions list in your systems with the latest changes from the UN website.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to ensure no account is linked to listed individuals or entities.
- Freeze funds and assets of any matched accounts as per paragraph 7 of the November 16, 2009 circular.
- Acknowledge receipt of this circular to your Regional Office via the Compliance/Principal Officer.
Who it affects
Primary (Urban) Co-operative Banks, Compliance Officers, Principal Officers
Where can we find the complete updated sanctions list?
The full list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.
What action is required if we find a match in existing accounts?
You must freeze the funds, financial assets, or economic resources of the designated individual/entity as detailed in paragraph 7 of the November 16, 2009 circular.