What changed
RBI has issued a circular forwarding the 20th and 21st update notes from the UN Security Council's 1267/1989 Committee, which amend the Al-Qaida Sanctions List. These updates add or modify individuals and entities linked to Al-Qaida, requiring UCBs to incorporate the latest changes into their compliance checks.
What it means for you
UCBs must now ensure their customer screening databases reflect the latest UN sanctions list updates. Failure to identify and freeze accounts of designated individuals or entities could lead to regulatory action. This reinforces the government's commitment to combating terrorism financing under UAPA, 1967.
What you must do
- Update your internal sanctions list with the 20th and 21st UN Al-Qaida updates immediately.
- Screen all new account applications against the updated list before opening accounts.
- Conduct a fresh scan of all existing accounts to identify any matches with the updated list.
- Follow the freezing procedures outlined in paragraph 7 of RBI's November 16, 2009 circular for any matched accounts.
- Ensure your Compliance Officer acknowledges receipt of this circular to the respective RBI Regional Office.
Who it affects
All Primary (Urban) Co-operative Banks (UCBs), Compliance Officers of UCBs, Branch managers handling account opening and monitoring
Where can we access the latest UN Al-Qaida sanctions list updates?
The updates are available on the UN website at the URLs provided in the circular: http://www.un.org/News/Press/docs/2013/sc11089.doc.htm, http://www.un.org/News/Press/docs//2013/sc11099.doc.htm, and http://www.un.org/News/Press/docs//2013/sc11104.doc.htm for the 20th and 21st updates, and the full list at http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml.