What changed
The UNSC Committee under resolution 1718(2006) amended certain entries on its Sanctions List for individuals and entities. RBI has communicated these amendments to regulated entities, updating the designated list referenced in the January 30, 2023 order under Section 12A of the WMD Act.
What it means for you
Banks and lenders must immediately update their KYC and sanctions screening systems to reflect the latest UNSC changes. Non-compliance with these designated lists can lead to regulatory action and reputational risk.
What you must do
- Update internal sanctions screening databases with the latest UNSC DPRK and Iran lists from the provided URLs.
- Ensure all customer due diligence processes reference the amended designated list as per the January 30, 2023 order.
- Train compliance teams on the specific strikethrough/underline changes in the UNSC entries.
- Document compliance steps for audit and regulatory review.
Who it affects
All RBI-regulated entities (banks, NBFCs, payment systems, etc.), Compliance and AML/KYC teams, Sanctions screening operations
What is the source of the updated designated list?
The UNSC Committee established under resolution 1718(2006) amended its Sanctions List for DPRK and Iran. RBI has communicated these changes to regulated entities.
Where can I access the latest UNSC sanctions lists?
The latest lists are available on the UN Security Council website at https://www.un.org/securitycouncil/sanctions/1718 for DPRK and https://www.un.org/securitycouncil/content/2231/list for Iran.
What is the legal basis for this compliance requirement?
Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005, and the Master Direction on KYC dated February 25, 2016 (as amended).