What changed
RBI forwarded seven new notes from the UN 1988 Committee updating the sanctions list of individuals and entities linked to the Taliban. These updates cover changes made between July 5, 2011 and January 6, 2012, replacing the previous list circulated via circular dated January 2, 2012.
What it means for you
RRBs must immediately update their internal sanctions databases with the latest UNSCR 1988 list. Failure to screen accounts could lead to regulatory action. The circular reinforces existing UAPA compliance obligations, including freezing of assets for designated entities.
What you must do
- Update your sanctions screening system with the seven new annexes (July 5, 2011 to January 6, 2012) from the UN 1988 Committee list.
- Screen all new account openings against the updated list before onboarding.
- Conduct a retrospective scan of all existing accounts to identify any matches with the updated list.
- Follow the freezing procedures outlined in paragraph 6 of the November 5, 2009 circular for any matched accounts.
- Ensure your 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 AML screening
What is the UNSCR 1988 sanctions list?
It is a UN Security Council list of individuals and entities associated with the Taliban, subject to asset freezing and other restrictive measures under Resolution 1988 (2011).
Do we need to check only new accounts?
No. The circular requires both pre-account screening for new customers and a scan of all existing accounts to ensure no account is linked to listed entities.
Where can we find the full updated list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml. RBI has also enclosed the seven annexes with this circular.