What changed
RBI forwarded updates to the Al-Qaida Sanctions List received from the UN Security Council's 1267/1989 Committee via Government of India notes dated November 15, 23, 26, 27, and December 5, 2012. UCBs must incorporate these changes into their customer screening process.
What it means for you
UCBs must immediately update their internal sanctions lists to include the newly designated individuals and entities. Failure to screen accounts against the updated list could lead to regulatory action. The circular reinforces the existing UAPA compliance framework, including freezing of assets for matched accounts.
What you must do
- Update your sanctions list with the latest UNSCR 1267/1989 entries from the enclosed Government notes.
- Screen all new account applications against the updated list before opening.
- Scan all existing accounts to identify any matches with the updated list.
- Follow the freezing procedures outlined in paragraph 7 of the November 16, 2009 circular for any matches.
- Acknowledge receipt of this circular to your Regional Office via the Compliance Officer.
Who it affects
Primary (Urban) Co-operative Banks, Compliance Officers, Principal Officers
Where can I find the complete updated sanctions list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml.
What should we do if we find an existing account linked to a listed entity?
Follow the freezing of funds and assets procedure detailed in paragraph 7 of RBI circular UBD.CO.BPD.PCB.Cir.No.21/12.05.001/2009-10 dated November 16, 2009.
Is this a one-time update or ongoing?
This is an update to the list; banks must continuously monitor and apply all future updates as communicated by RBI.