What changed
RBI received updated Al-Qaida sanctions list from UN Security Council's 1267/1989 Committee via Ministry of External Affairs. Banks must now incorporate these changes into their screening processes.
What it means for you
Banks must immediately update their internal sanctions lists and screen all new account openings against the revised UN list. Existing accounts must be scanned to identify any matches, and if found, funds and assets must be frozen as per the UAPA order of August 27, 2009.
What you must do
- Update your internal sanctions database with the latest UN Al-Qaida list changes.
- Screen all new account applications against the updated list before onboarding.
- Scan all existing accounts to detect any linked to newly designated individuals/entities.
- Freeze funds and assets of matched accounts following the procedure in RBI circular dated September 17, 2009.
- Ensure your Compliance Officer acknowledges receipt of this circular.
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 comes from the UN Security Council's 1267/1989 Al-Qaida Sanctions Committee, forwarded by India's Ministry of External Affairs.
What action is required for existing accounts?
Banks must scan all existing accounts to ensure none are held by or linked to any newly designated individuals or entities, and freeze assets if found.
Where can I find the complete sanctions list?
The full list is available on the UN website at http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml.