What changed
RBI has circulated an updated UN 1988 Sanctions List from the Government of India, reflecting changes to individuals and entities linked to the Taliban. Banks must now incorporate this updated list into their customer screening processes.
What it means for you
Banks must ensure no new account is opened for any person or entity on the updated sanctions list, and all existing accounts must be scanned for matches. This reinforces compliance with UAPA, 1967 and the government's August 2009 order, with specific freezing actions required for designated accounts.
What you must do
- Update your internal sanctions list with the latest UN 1988 list from the enclosed MEA note.
- Screen all new account applications against the updated list before opening accounts.
- Scan all existing customer accounts to identify any matches with the updated list.
- Follow the freezing procedures outlined in paragraph 6 of earlier circulars for any matched accounts.
- Ensure your Compliance Officer acknowledges receipt of this circular to the respective RBI Regional Office.
Who it affects
Regional Rural Banks (RRBs), State Co-operative Banks, Central Co-operative Banks, Compliance Officers of these banks
What is the UN 1988 Sanctions List?
It is a list maintained by the UN Security Council's 1988 Committee of individuals and entities associated with the Taliban, subject to asset freezing and other sanctions.
What should we do if we find an existing account matching the list?
You must take action as detailed in paragraph 6 of the earlier circulars (dated October 29, 2009 and November 5, 2009), which includes freezing funds and financial assets.
Where can we access the full updated list?
The complete list is available on the UN website at http://www.un.org/sc/committees/1988/list.shtml.