What changed
The circular updates the UNSCR 1518 sanctions list by removing two individuals (Zuhaar Talib Abd-al-Sattar al-Naqib and Amir Rashid Muhammad al-Ubaidi) and advises regulated entities to take note and comply.
What it means for you
Banks and lenders must update their sanctions screening lists to remove these individuals and continue adhering to UNSC resolution requirements.
What you must do
- Take note of the removal of the two individuals from the UNSCR 1518 sanctions list.
- Update internal sanctions screening lists accordingly.
- Ensure meticulous compliance with UNSC resolutions as per Master Direction on KYC.
Who it affects
All regulated entities as defined by RBI, including banks, NBFCs, and financial institutions
What is the purpose of this circular?
To communicate the removal of two individuals from the UNSCR 1518 sanctions list and direct regulated entities to take note and ensure compliance.
Are there any new requirements introduced?
No new general AML requirements; the circular specifically updates the sanctions list and reiterates compliance obligations under existing Master Directions.