What changed
RBI circulated the 23rd update to the Al-Qaida sanctions list under UNSCR 1267/1989, based on a Government of India notification forwarding a UN Security Council Committee note dated September 11, 2013. This update includes deletions from the list. Banks must incorporate these changes into their screening processes.
What it means for you
Banks must immediately update their internal sanctions lists to reflect the latest UN deletions. All new account openings must be checked against this list, and existing accounts must be scanned for matches. Non-compliance could lead to regulatory action.
What you must do
- Update your internal sanctions database with the 23rd UN Al-Qaida list deletions using the UN website at http://www.un.org/News/Press/docs//2013/sc11117.doc.htm and http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing customer accounts to identify any linked to listed individuals/entities.
- Freeze funds and assets of any matched accounts as per the UAPA Order procedures from the circular dated September 17, 2009.
- Acknowledge receipt of this circular via your Compliance Officer/Principal Officer.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions
What is the source of the updated sanctions list?
The list is the UN Security Council's 1267/1989 Committee's Al-Qaida Sanctions List, with the 23rd update forwarded by the Chairman of the Committee and provided by the Government of India's Ministry of External Affairs.
What action is required for existing accounts that match the list?
Banks must freeze the funds, financial assets, or economic resources of such accounts, following the procedure in paragraph 6 of the circular dated September 17, 2009.
How do I access the full updated list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml and http://www.un.org/sc/committees/1267/delisting.shtml.