What changed
RBI forwarded a Government of India note from the UN Security Council's 1267 Committee dated March 10, 2011, detailing changes to the consolidated list of individuals and entities linked to Al-Qaida and Taliban. Banks must update their records with these changes and ensure compliance with earlier circulars.
What it means for you
Co-operative banks must immediately update their internal lists of designated terrorists/entities and cross-check all new and existing accounts. Non-compliance with the UAPA Order and freezing procedures could lead to regulatory action. This reinforces the ongoing obligation to prevent any financial support to proscribed groups.
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 applications against the updated list before opening accounts.
- Scan all existing accounts to identify any linked to listed individuals/entities.
- Follow the UAPA Order dated August 27, 2009, and the freezing procedures outlined in the October 29, 2009 circular.
- Ensure Compliance Officer/Principal Officer acknowledges receipt of this circular to the concerned RBI Regional Office.
Who it affects
State Co-operative Banks (StCBs), District Central Co-operative Banks (DCCBs), Compliance Officers and Principal Officers of these banks
What is the source of the updated list?
The list is based on changes made by the UN Security Council's 1267 Committee, forwarded by the Government of India (Ministry of External Affairs) via a note dated March 10, 2011.
What actions are required for existing accounts?
Banks 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 the full consolidated list be accessed?
The complete list is available on the UN website at http://www.un.org/sc/committees/1267/consolist.shtml.