What changed
RBI circular DPSS.CO.AD.No.1502/02.27.005/2013-14 (Jan 7, 2014) updates earlier guidance with new UN sanctions list amendments from Q3 2013. PSOs must now incorporate these updates into their account screening and freezing procedures.
What it means for you
Banks and payment operators must immediately update their internal sanctions databases with the latest UN list amendments. Failure to screen new accounts or review existing ones against these lists could lead to regulatory action. The circular reinforces strict compliance with UAPA orders, including freezing of funds and assets linked to listed entities.
What you must do
- Update your sanctions screening systems with the latest UNSCR 1267 list amendments from Q3 2013.
- Screen all new account applicants against the updated list before onboarding.
- Review all existing accounts to identify and freeze any linked to listed individuals/entities.
- Ensure compliance with the UAPA Order of August 27, 2009, and RBI circular DBOD.AML.BC.No.44/14.01.001/2009-10.
- Acknowledge receipt of this circular via your Nodal/Principal Officer.
Who it affects
All Payment System Operators authorized under PSS Act, 2007, Banks offering payment services, Compliance and AML teams at financial institutions
What is the source of the updated sanctions list?
The list comes from UN Security Council Resolution 1267/1989 Al Qaida Sanctions Committee, with amendments from Q3 2013 forwarded by the Government of India.
What actions are required for existing accounts?
PSOs must scan all existing accounts to ensure none are held by or linked to listed individuals/entities, and freeze any such accounts as per paragraph 6 of the September 17, 2009 circular.
Where can I find the full list and de-listing information?
The complete list is on the UN website at http://www.un.org/sc/committees/1267/pressreleases.shtml, and de-listing details at http://www.un.org/sc/committees/1267/delisting.shtml.