What changed
RBI has forwarded a fresh UN Security Council update to the Al-Qaida Sanctions List, received via the Ministry of External Affairs on November 15, 2012. This supersedes the previous list circulated on October 29, 2012. Banks must now use this updated list for all customer screening and account monitoring.
What it means for you
RRBs and co-op banks must immediately incorporate the revised UN sanctions list into their AML/KYC checks. Failure to identify or freeze accounts linked to newly added names could lead to regulatory action. This reinforces the government's zero-tolerance stance on terror financing under UAPA, 1967.
What you must do
- Update your internal sanctions list with the latest UNSCR 1267/1989 Al-Qaida entries from November 15, 2012.
- Screen all new account applications against the updated list before onboarding.
- Run a one-time scan of all existing accounts to identify any matches with the revised list.
- Freeze funds and economic resources of any matched individuals/entities as per paragraph 6 of earlier 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 Co-operative Banks, Central Co-operative Banks, Compliance Officers / Principal Officers of these banks
What is the source of the updated sanctions list?
The list comes from the UN Security Council's 1267/1989 Committee, forwarded by the Ministry of External Affairs via a note dated November 15, 2012. The full list is available on the UN website.
Do we need to check only new accounts or also existing ones?
Both. You must screen all new accounts before opening, and also scan all existing accounts to ensure none are linked to any individual or entity on the updated list.
What action is required if we find a match?
You must freeze the funds, financial assets, or economic resources held in the account, following the procedure detailed in paragraph 6 of the earlier RBI circulars referenced in this notification.