What changed
RBI forwarded a March 24, 2011 UN Security Council 1267 Committee note with changes to the consolidated list of individuals/entities linked to Al-Qaida and Taliban. This updates the previous list circulated via the March 21, 2011 circular. RRBs must now use this revised list for compliance.
What it means for you
RRBs must immediately update their internal databases with the latest UN terrorist list to avoid onboarding or servicing sanctioned entities. Non-compliance could lead to regulatory action and reputational risk. The circular reinforces existing obligations under UAPA, 2009, especially for freezing assets of designated persons.
What you must do
- Update the 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 identify and report any matches with the list.
- Follow the freezing procedures as per paragraph 6 of the November 5, 2009 circular for any matched accounts.
- Ensure the Compliance Officer/Principal Officer acknowledges receipt of this circular to the respective RBI Regional Office.
Who it affects
All Regional Rural Banks (RRBs), Compliance Officers and Principal Officers of RRBs, Branch managers handling account opening and monitoring
Where can we find the full consolidated list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml. RBI also circulates updates via circulars.
What action is required if we find a match in existing accounts?
You must follow the freezing procedures detailed in paragraph 6 of RBI circular dated November 5, 2009, which implements the UAPA Order of August 27, 2009.
Do we need to acknowledge receipt of this circular?
Yes, the Compliance Officer/Principal Officer must send an acknowledgment to the concerned RBI Regional Office.