What changed
RBI circulated a fresh UN 1267 Committee note dated December 7, 2010, containing changes to the consolidated list of individuals/entities linked to Al-Qaida and Taliban. This updates the previous list sent via circular dated October 19, 2010.
What it means for you
Urban co-operative banks must immediately update their internal screening databases with the revised UN list. They are required to check all new account openings against this list and also review existing accounts to identify any matches. Freezing of funds and assets must follow the procedure outlined in the earlier UAPA order circular of November 16, 2009.
What you must do
- Update your bank's consolidated list of terrorist individuals/entities with the latest UN 1267 Committee changes.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing accounts to ensure none are held by or linked to listed individuals/entities.
- Freeze funds, financial assets, or economic resources of designated entities as per paragraph 6 of the November 16, 2009 circular.
- Have the compliance officer/Principal Officer acknowledge receipt of this circular to the concerned RBI Regional Office.
Who it affects
All Primary (Urban) Co-operative Banks, Compliance Officers and Principal Officers of Urban Co-operative Banks
What is the source of the updated list?
The list is based on a note dated December 7, 2010, from the Chairman of the UN Security Council's 1267 Committee, forwarded by the Government of India.
Do we need to check only new accounts or existing ones too?
Both. You must ensure no new account is opened for a listed entity, and you must scan all existing accounts to identify any linked to the list.
Where can we find the complete consolidated list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.