What changed
RBI has forwarded additional updates from the UN Security Council's 1267/1989 Committee to the Al-Qaida Sanctions List, based on notes dated November 23, 26, 27, and December 5, 2012. Banks must incorporate these changes into their customer screening processes immediately.
What it means for you
Banks must update their internal sanctions databases with the latest UN list and ensure no new account is opened for any listed individual or entity. Existing accounts must be scanned for matches, and if found, funds and assets must be frozen as per the UAPA Order of August 27, 2009. Non-compliance could lead to regulatory action.
What you must do
- Update your internal sanctions list with the latest UNSCR 1267 Al-Qaida entries from the enclosed notes.
- Screen all new account applications against the updated list before onboarding.
- Conduct a fresh scan of all existing accounts to identify any linked to listed individuals or entities.
- Freeze any identified accounts and report to RBI's Regional Office as per UAPA procedures.
- Ensure your Compliance Officer acknowledges 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 and 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 notes dated November 23, 26, 27, and December 5, 2012.
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 6 of earlier RBI circulars (dated October 29, 2009 and November 5, 2009).
Where can we access the full sanctions list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml.