What changed
RBI issued an update to the UNSCR 1988 sanctions list for individuals and entities linked to the Taliban, based on a June 27, 2013 note from the UN Security Council's 1988 Committee. Banks must now use this updated list for account screening and compliance.
What it means for you
Banks must ensure no new accounts are opened for listed individuals/entities and review all existing accounts for matches. Strict adherence to UAPA Order procedures for freezing assets is required, with compliance officers acknowledging receipt to RBI regional offices.
What you must do
- Update your internal sanctions list with the latest UNSCR 1988 Taliban-linked entities and individuals.
- Screen all new account applications against the updated list before opening accounts.
- Review all existing accounts to identify and freeze any linked to listed entities.
- Ensure compliance with UAPA freezing procedures as per earlier RBI circulars.
- Have your Compliance Officer acknowledge receipt of this circular to the concerned RBI Regional Office.
Who it affects
Regional Rural Banks, State and Central Co-operative Banks, All India Financial Institutions
What is the UNSCR 1988 sanctions list?
It is a UN Security Council list of individuals and entities associated with the Taliban, which RBI mandates banks to use for screening accounts under the UAPA.
Do we need to check existing accounts too?
Yes, banks must scan all existing accounts to ensure none are held by or linked to any entity or individual on the updated sanctions list.
What action is required for matched accounts?
Follow the freezing procedures detailed in paragraph 6 of earlier RBI circulars on UAPA compliance, including freezing funds and financial assets.