What changed
RBI has forwarded updates to the UN Security Council's 1988 Sanctions List, received from the Ministry of External Affairs via multiple notes from June 2012 to June 2013. All PSOs must now incorporate these changes into their customer screening processes.
What it means for you
Payment System Operators must ensure no new account is opened for any listed individual/entity and must review all existing accounts for matches. This reinforces compliance with the UAPA, 1967, and requires strict adherence to the freezing procedures outlined in RBI's September 2009 circular.
What you must do
- Update your internal sanctions list with the latest UN 1988 Committee changes immediately.
- Screen all new account applications against the updated list before onboarding.
- Conduct a thorough scan of all existing accounts to identify any linked to listed entities.
- Follow the freezing of funds and assets procedures as per paragraph 6 of the September 17, 2009 circular.
- Ensure your Nodal/Principal Officer acknowledges receipt of this circular.
Who it affects
All Payment System Operators authorized under PSS Act, 2007, Compliance and AML teams at PSOs, Nodal/Principal Officers of PSOs
What is the 1988 Sanctions List?
It is a UN Security Council list of individuals and entities linked to the Taliban, maintained by the 1988 Committee. RBI requires PSOs to screen customers against this list.
What action is needed for existing accounts?
PSOs must scan all existing accounts to ensure none are held by or linked to any individual or entity on the updated sanctions list.
Where can I find the complete sanctions list?
The full list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.