RBI directs financial entities to implement UNSC amendments under UAPA Section 51A after three ISIL/Al-Qaida entries modified.
RBI Updates UAPA Sanctions Compliance for FIs
The Reserve Bank of India has issued a circular directing all regulated entities to comply with revised United Nations Security Council (UNSC) sanctions under Section 51A of the Unlawful Activities (Prevention) Act, 1967 (UAPA). Three entries in the ISIL (Da'esh) and Al-Qaida Consolidated List have been amended, impacting freeze obligations on funds and economic resources.
RBI mandates immediate updating of screening filters and customer due diligence systems to reflect new identifiers including aliases, birth details, and entity designations. Failure to comply attracts penal action under RBI (FIMA) Regulations, 2018.
This update reinforces the obligation of financial intermediaries to maintain real-time vigilance. Institutions must conduct retrospective screening and report matches to FIU-IND. Legal teams should audit compliance protocols and strengthen sanctions governance frameworks.
Citations
- UAPA, 1967, Section 51A
