The RBI has directed regulated entities to implement updates to the UNSC 1267/1989 ISIL and Al-Qaida Sanctions List following amendments to individual entries. Compliance is mandated under UAPA, 1967.
RBI Directs Compliance on ISIL and Al-Qaida Sanctions
In a recent notification, the Reserve Bank of India informed regulated entities about necessary updates to the UNSC 1267/1989 ISIL (Da’esh) and Al-Qaida Sanctions List. This update follows amendments to two specific entries, which require immediate compliance under the Unlawful Activities Prevention Act (UAPA), 1967.
Regulated entities must ensure that they have adequate systems in place to identify and prevent transactions that may involve parties listed in the updated sanctions. The RBI's emphasis on compliance reflects the increasing vigilance towards counter-terrorism financing and adherence to international obligations.
Legal advisors should guide clients on the importance of implementing robust compliance measures to avoid penalties associated with non-compliance. This requires training personnel on the latest developments regarding sanctions and instituting checks to ensure that all transactions are screened against both domestic and international lists.
Citations
- UAPA, 1967 Notification by RBI
