What changed
RBI has forwarded a new UN Security Council 1267 Committee update (dated December 7, 2010) to the consolidated list of individuals and entities linked to Al-Qaida and Taliban. RRBs must now incorporate these changes into their screening processes.
What it means for you
RRBs must immediately update their internal watchlists with the revised UN consolidated list. This ensures compliance with anti-money laundering and counter-terrorism financing norms. Failure to screen new and existing accounts could lead to regulatory action.
What you must do
- Update the consolidated list of terrorist individuals/entities as per the UNSC 1267 Committee changes received from RBI.
- Screen all new account applicants against the updated list before opening accounts.
- Scan all existing accounts to identify and report any matches with the list.
- Follow the freezing procedures outlined in the UAPA Order of August 27, 2009, as detailed in RBI's November 5, 2009 circular.
- Acknowledge receipt of this circular to your respective RBI Regional Office.
Who it affects
Regional Rural Banks (RRBs), Compliance Officers / Principal Officers of RRBs
What is the source of the updated list?
The updated list comes from the UN Security Council's 1267 Committee, forwarded by the Government of India (Ministry of External Affairs) via a note dated December 7, 2010.
What action is 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 consolidated list.
Where can I find the complete consolidated list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.