What changed
RBI issued a circular forwarding the twenty-third update note dated September 11, 2013 from the UN Security Council's 1267/1989 Committee regarding deletions made in the Al-Qaida Sanctions List. This update follows the previous 22nd update and requires UCBs to incorporate the revised list into their compliance checks.
What it means for you
UCBs must immediately update their internal databases with the latest UN sanctions list to avoid onboarding or maintaining accounts linked to designated entities. Non-compliance could lead to regulatory action and reputational risk. The circular reinforces the existing UAPA framework, emphasizing the need for rigorous screening of all customers.
What you must do
- Update the UN Al-Qaida Sanctions List with the 23rd update (deletions) in your systems.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify and freeze any linked to listed individuals/entities.
- Follow the freezing procedures detailed in paragraph 7 of the November 16, 2009 circular.
- 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
What is the source of the updated list?
The list is based on the twenty-third update note dated September 11, 2013 from the UN Security Council's 1267/1989 Committee regarding deletions in the Al-Qaida Sanctions List, received from the Ministry of External Affairs and available on the UN website.