What changed
RBI forwarded a new UN Security Council 1267 Committee note (dated September 30, 2010) with changes to the consolidated list of Al-Qaida and Taliban-linked individuals/entities. RRBs must now use this updated list for account screening and freezing actions.
What it means for you
RRBs must immediately update their internal watchlists with the revised UN consolidated list. Before opening any new account, banks must verify the proposed customer is not on the list, and all existing accounts must be scanned for matches. Freezing of funds and assets must follow the detailed procedure from the November 2009 circular.
What you must do
- Update the consolidated list of terrorist individuals/entities as per the UNSC 1267 Committee changes received from the Ministry of External Affairs.
- Screen all new account applications against the updated list before account opening.
- Scan all existing accounts to identify and freeze any linked to listed individuals/entities.
- Follow the freezing procedure outlined in paragraph 6 of the November 5, 2009 circular.
- Compliance Officer/Principal Officer must acknowledge receipt of this circular to the respective RBI Regional Office.
Who it affects
All Regional Rural Banks (RRBs), Compliance Officers of RRBs, Principal Officers of RRBs
What is the source of the updated list?
The list is the UN Security Council 1267 Committee's consolidated list of individuals and entities linked to Al-Qaida and Taliban, with changes communicated by the Government of India (Ministry of External Affairs) via a note dated September 30, 2010.
What actions are required for existing accounts?
RRBs must scan all existing accounts to ensure no account is held by or linked to any entity or individual on the updated list. If found, freezing of funds, financial assets, or economic resources must be done as per paragraph 6 of the November 5, 2009 circular.
Where can the full consolidated list be accessed?
The complete consolidated list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.