Page 60 - BANKING FINANCE APRIL 2024

RBI CIRCULAR

current financial year itself and are not mixed up with pursuant to resolution 1718(2006) has enacted the
the transactions of April 2024. Also, while reporting amendments, specified with strikethrough and/or un-
transactions pertaining to March 2024 up to April 10, derline in certain entries on its Sanctions List of indi-
2024, the transactions of April 2024 should not be mixed viduals and entities (enclosed with this circular). Hence,
up with the residual transactions relating to March 2024. the 'designated list' as referred in Para 2.1 and other
relevant paras of the aforementioned Order dated
4. Kindly issue necessary instructions in the matter to your
branches concerned immediately. September 01, 2023 is amended in accordance with
the changes in these relevant entries.
Implementation of Section 12A of the 5. The latest version of the UNSC Sanctions lists on DPRK
is accessible at the UN Security Council's website at the
Weapons of Mass Destruction and their following URLs:
Delivery Systems (Prohibition of Unlaw- https://www.un.org/securitycouncil/sanctions/1718/
ful Activities) Act, 2005: Designated List materials

(Amendments) 6. The REs are advised to take note of the aforemen-
tioned communications and ensure meticulous compli-
March 11, 2024 ance.

1. Please refer to Section 52 of our Master Direction on
Know Your Customer dated February 25, 2016 as Amendment to the Master Direction -
amended on January 04, 2024 (MD on KYC), in terms Credit Card and Debit Card – Issuance
of which, inter alia "Regulated Entities (REs) shall en-
sure meticulous compliance with the "Procedure for and Conduct Directions, 2022
Implementation of Section 12A of the Weapons of Mass March 7, 2024
Destruction (WMD) and their Delivery Systems (Prohi-
bition of Unlawful Activities) Act, 2005" laid down in 1. In exercise of the powers conferred by Section 35A of
terms of Section 12A of the WMD Act, 2005 vide Or- the Banking Regulation Act, 1949 and Chapter IIIB of
der dated September 01, 2023, by the Ministry of Fi- the Reserve Bank of India Act, 1934, the Reserve Bank
nance, Government of India (Annex III of the Master of India being satisfied that it is necessary and expedi-
Direction on Know Your Customer)." ent in the public interest to do so, hereby, amends
2. Further, in terms of Section 53 of our MD on KYC, "the certain provisions issued vide Master Direction
REs shall verify every day, the 'UNSCR 1718 Sanctions DoR.AUT.REC.No.27/24.01.041/2022-23 dated April 21,
List of Designated Individuals and Entities', as available 2022 on ‘Credit Card and Debit Card – Issuance and
at https://www.mea.gov.in/Implementation-of-UNSC- Conduct Directions, 2022’.
Sanctions-DPRK.htm, to take into account any modifi- 2. The amended provisions of the Master Direction are
cations to the list in terms of additions, deletions or other enclosed in the Annex to this circular. Frequently Asked
changes and also ensure compliance with the 'Imple- Questions relating to the provisions contained in the
mentation of Security Council Resolution on Democratic Master Direction are placed under FAQ Section on the
People's Republic of Korea Order, 2017', as amended website and as an Appendix to the Master Direction.
from time to time by the Central Government"
3. Commencement
3. A reference is also invited to our circular The amended provisions contained in this circular shall
DOR.AML.REC.23/14.06.001/2023-24 dated July 04, come into effect from March 07, 2024. The captioned
2023, communicating thereby the Consolidated List of Master Direction is hereby updated to reflect the
UNSC Designated / Sanctioned Individuals and Entities
changes effected by the below amendments.
under the UNSC Resolutions relating to non-prolifera-
tion. Certain amendments to the entries in the list were 4. Applicability
notified and the last such amendment was notified vide a. Instructions relating to credit cards shall apply to
our circular DOR.AML.REC.67/14.06.001/2023-24 dated all credit card issuing Banks and Non-Banking Fi-
January 06, 2024. nancial Companies (NBFCs).
4. In this regard, Ministry of External Affairs (MEA), GoI b. Instructions relating to debit cards shall apply to
has informed that the UNSC Committee established every bank operating in India.

54 | 2024 | APRIL | BANKING FINANCE