Economy
RBI updates UN sanctions list for banks and financial firms
The RBI notified financial institutions of amendments to three entries on the UN ISIL and Al-Qaida sanctions list.
What happened
The RBI circulated the United Nations Security Council’s October 15 amendments under the Unlawful Activities (Prevention) Act. The update covers three entries subject to an assets freeze, travel ban and arms embargo, including Mounir el Motassadeq, Noor Wali Mehsud and Tehrik-e Taliban Pakistan. The circular applies to banks, non-bank lenders and other regulated financial entities.
Why it matters
Regulated entities must ensure they do not maintain accounts in the names of individuals or entities appearing on the periodically updated UN terrorism-related sanctions lists.
Source: RBI Notifications