What changed
RBI issued the 29th update to the UNSCR 1267/1989 Al Qaida sanctions list, covering amendments from July to September 2013. Banks must now use this updated list for account screening and compliance.
What it means for you
Banks must immediately update their internal sanctions databases with the new list. Freezing of assets must follow the detailed procedures from the September 2009 circular.
What you must do
- Update your sanctions list with the 29th update and Q3 2013 compilation from the UN.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing accounts to identify any matches with the updated list.
- Freeze funds and assets of any matched entities as per paragraph 6 of the September 17, 2009 circular.
- Ensure compliance with the UAPA Order dated August 27, 2009, and acknowledge receipt of this circular.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions
What is the source of this sanctions list update?
The update comes from the UN Security Council's 1267/1989 Committee, forwarded by the Ministry of External Affairs. It includes all amendments made in Q3 2013.
What actions are required for existing accounts?
Banks must scan all existing accounts to ensure no account is held by or linked to any entity or individual on the updated list. If found, freeze funds and assets as per the September 2009 circular.
Where can we find press releases about list changes?
Press releases on list changes are posted on the UN Committee's website at http://www.un.org/sc/committees/1267/pressreleases.shtml. De-listing information is also available on their site.