What changed
The UNSCR 1718 Sanctions Committee amended one entry on its DPRK sanctions list on June 30, 2022, updating the details for individual Pak Chun Il (KPi.029), including his designation and other information. RBI has communicated this change to all regulated entities, reiterating the need to check the MEA website daily for any modifications.
What it means for you
Banks and other regulated entities must immediately update their internal sanctions screening systems to reflect the amended entry for Pak Chun Il. Failure to align with the latest UNSCR 1718 list could lead to compliance breaches, given the strict requirements under India's DPRK sanctions order. This is a routine but critical update to ensure ongoing adherence to international obligations.
What you must do
- Update your sanctions screening databases with the amended details for Pak Chun Il (KPi.029) as per the June 30, 2022 UNSCR 1718 list.
- Verify daily the UNSCR 1718 Sanctions List on the MEA website at https://www.mea.gov.in/Implementation-of-UNSC-Sanctions-DPRK.htm for any additions, deletions, or changes.
- Ensure all relevant staff are aware of this amendment and the continued requirement to comply with the 'Implementation of Security Council Resolution on DPRK Order, 2017'.
Who it affects
All regulated entities (banks, NBFCs, payment systems, etc.), Compliance and AML/KYC teams, Sanctions screening and transaction monitoring units
What specific change was made to the UNSCR 1718 sanctions list?
The committee amended the entry for individual Pak Chun Il (KPi.029), updating his designation to reflect his role as former DPRK Ambassador to Egypt and adding that he concluded his tour and left Egypt on November 15, 2016.
How often must we check the sanctions list?
RBI requires regulated entities to verify the UNSCR 1718 Sanctions List on the MEA website every day to stay updated on any modifications.
What is the legal basis for this requirement?
The 'Implementation of Security Council Resolution on Democratic People's Republic of Korea Order, 2017', as amended by the Central Government, mandates compliance with UNSCR 1718 sanctions.