What changed
RBI issued a circular forwarding the 24th to 30th updates of the UNSCR 1267/1989 Al-Qaida Sanctions List, covering amendments from July 1 to September 30, 2013. Banks must now incorporate these changes into their customer screening processes.
What it means for you
Banks must immediately update their internal sanctions lists with the new Q3 2013 entries and ensure no account is opened or maintained for any listed individual or entity. Non-compliance with UAPA orders could lead to regulatory action, so meticulous adherence to the 2009 government order is critical.
What you must do
- Update your sanctions list with the Q3 2013 Al-Qaida amendments from the enclosed UN compilation.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing accounts to identify and report any matches with the updated list.
- Follow the freezing procedures outlined in the 2009 UAPA circulars for any matched accounts.
- Acknowledge receipt of this circular to your respective RBI regional office.
Who it affects
Regional Rural Banks, State Cooperative Banks, Central Cooperative Banks, Compliance Officers / Principal Officers
What is the source of the updated sanctions list?
The list is based on the UN Security Council's 1267/1989 Committee's Al-Qaida Sanctions List, with amendments for Q3 2013 (July 1 to September 30, 2013), forwarded by the Ministry of External Affairs.
What should we do if we find a match in existing accounts?
You must immediately freeze the funds, financial assets, or economic resources as per paragraph 6 of the RBI circulars dated November 5, 2009 and October 29, 2009, and report to the authorities.
Where can we find press releases about list changes?
Press releases for list updates are available on the UN Committee's website at http://www.un.org/sc/committees/1267/pressreleases.shtml. De-listing information is at http://www.un.org/sc/committees/1267/delisting.shtml.