What changed
RBI issued a circular forwarding the UN Security Council's 1267/1989 Committee's compilation of amendments to the Al-Qaida Sanctions List for Q3 2013 (July 1 to September 30, 2013). This includes press releases for the 24th to 30th updates. Banks must now use this updated list for customer screening.
What it means for you
UCBs must immediately update their internal sanctions lists with the new Q3 2013 data to avoid onboarding or maintaining accounts for designated individuals/entities. Non-compliance with UAPA orders could lead to regulatory action. The circular reinforces existing obligations under the 2009 UAPA order and earlier RBI instructions.
What you must do
- Update your internal sanctions list with the Q3 2013 Al-Qaida amendments from the enclosed UN compilation.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to identify and report any matches with the updated list.
- Follow the freezing procedures outlined in paragraph 7 of RBI circular dated November 16, 2009 for any matches.
- Acknowledge receipt of this circular to your Regional Office via the Compliance Officer.
Who it affects
Primary (Urban) Co-operative Banks (UCBs), Compliance Officers and Principal Officers of UCBs, Branch managers handling account opening and KYC
What is the source of the updated list?
The list comes from the UN Security Council's 1267/1989 Committee, forwarded by the Ministry of External Affairs, covering amendments from July 1 to September 30, 2013.
What should we do if we find a match in existing accounts?
Follow the freezing of funds and assets procedure detailed in paragraph 7 of RBI's November 16, 2009 circular, as per the UAPA Order.
Where can we find press releases on list changes?
Press releases are posted on the UN Committee's website at http://www.un.org/sc/committees/1267/pressreleases.shtml.