What changed
RBI received a February 14, 2012 note forwarded by the Chairman of the UN 1988 Committee with changes to the Taliban sanctions list. Banks must update their records with this revised list and ensure compliance with earlier UAPA orders.
What it means for you
Banks must immediately update their internal sanctions databases to include the latest UNSCR 1988 list additions. Failure to screen new accounts or identify existing linked accounts could lead to regulatory action. The freeze on funds and assets must follow the detailed steps from the September 17, 2009 circular.
What you must do
- Update the UNSCR 1988 sanctions list with the latest changes from the UN website.
- Screen all new account openings against the updated list before onboarding.
- Scan all existing accounts to identify any linked to listed individuals/entities.
- Freeze funds and assets of designated entities as per paragraph 6 of the circular dated September 17, 2009.
- Ensure compliance with the UAPA Order dated August 27, 2009, and acknowledge receipt via Compliance Officer.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Local Area Banks, All India Financial Institutions
What is the source of the updated sanctions list?
The list is from the UN Security Council's 1988 Committee, forwarded by the Ministry of External Affairs. Full details are on the UN website.
What action is required for existing accounts?
Banks must scan all existing accounts to ensure none are held by or linked to any entity or individual on the updated list.
How should freezing of assets be handled?
Freezing of funds, financial assets, or economic resources should follow the procedure detailed in paragraph 6 of RBI circular dated September 17, 2009.