Scan accounts for terror entities: RBI to Banks

Written by: Super Admin
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New Delhi, Nov 12: Weeks after the market regulator, Securities and Exchange Board of India (SEBI) warned the stocked exchanges to stay wary of terror funding entities, the Reserve Bank of India (RBI) asked all the banks and financial institutions to check for such entities.

The central bank issued a notification on Wednesday, Nov 11 asked all the instiutions to scan all existing accounts to ensure that these are not held by or linked to any entity or individual figuring in the UN list of terrorists or terror-related organisations.

"Banks, financial institutions are required to update the consolidated list of individuals, entities as circulated by Reserve Bank and before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the list.

"Further, banks should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list," the RBI notification said.

On Oct 26, SEBI warned all stock exchanges and other securities intermediaries to be cautious of United Nations-listed terror funding entities, and directed them to inform the Home Ministry within 24-hours if any such clients were found.

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