What changed
The UNSC 1718 Sanctions Committee amended 44 existing entries on its DPRK sanctions list on July 26, 2022. Changes involve updates to address, alias, passport number, date of birth, telephone, fax, email, and IMO number of listed individuals and entities. No new additions or deletions were made; only existing entries were modified.
What it means for you
Banks and other regulated entities must immediately update their sanctions screening databases to reflect these 44 amended entries. Failure to align with the latest list could lead to compliance breaches under the 'Implementation of Security Council Resolution on DPRK Order, 2017'. This reinforces the need for daily verification of the MEA's UNSC sanctions webpage.
What you must do
- Update your sanctions screening systems with the 44 amended entries from the enclosed consolidated list.
- Verify the updated list daily on the MEA website's 'Implementation of UNSC Sanctions (DPRK)' page.
- Ensure all customer due diligence processes reflect the latest changes to avoid processing transactions for sanctioned entities.
- Brief compliance and operations teams on the nature of amendments (address, alias, passport, etc.) for accurate screening.
Who it affects
All regulated entities (banks, NBFCs, payment systems), Compliance and AML teams, Operations teams handling cross-border transactions, Sanctions screening software vendors
What specific changes were made to the 44 entries?
The amendments only update existing entries—no new individuals or entities were added or removed. Changes include corrections to address, alias, passport number, date of birth, telephone, fax, email, and IMO number.
How often should we check the sanctions list?
RBI requires daily verification of the UNSCR 1718 Sanctions List on the MEA website to stay updated on any modifications, including these amendments.
What happens if we don't update our systems?
Non-compliance could result in regulatory action under the DPRK sanctions order, including penalties. It also risks processing transactions for sanctioned entities, which is a serious AML violation.