What changed
The UN Security Council's DPRK sanctions committee amended two existing entries on its sanctions list on September 14, 2022. The changes are limited to updating the IMO numbers of the designated individuals or entities; no new additions or deletions were made.
What it means for you
Banks and other regulated entities must update their screening databases to reflect the corrected IMO numbers for the two affected entries. Failure to align with the latest list could result in non-compliance with UN sanctions and domestic orders. This is a routine but critical update to ensure accurate identification of sanctioned parties.
What you must do
- Update your sanctions screening systems with the revised IMO numbers from the enclosed consolidated list.
- Continue daily verification of the UNSCR 1718 Sanctions List on the MEA website as per earlier instructions.
- Ensure compliance with the 'Implementation of Security Council Resolution on DPRK Order, 2017' and its amendments.
Who it affects
All regulated entities (banks, NBFCs, payment systems, etc.), Compliance and AML teams, Trade finance and correspondent banking departments
What exactly changed in the sanctions list?
Only the IMO numbers of two existing entries were amended. No new individuals or entities were added, and no entries were deleted.
Do I still need to check the MEA website daily?
Yes, the earlier requirement to verify the UNSCR 1718 Sanctions List daily on the MEA website remains unchanged.
What is the legal basis for this compliance?
The 'Implementation of Security Council Resolution on Democratic People’s Republic of Korea Order, 2017' as amended by the Central Government, and RBI circulars on the same.