The Reserve Bank of India (RBI) issued a directive to all regulated entities (REs) on ensuring compliance with Section 12A of the Weapons of Mass Destruction (WMD) and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005. This follows amendments issued by the Ministry of Finance on September 1, 2023. The RBI’s Master Direction on Know Your Customer (KYC) mandates REs to adhere to the procedures for implementing Section 12A, which includes verifying daily the UNSCR 1718 Sanctions List for any changes to designated individuals and entities related to North Korea (DPRK). This aligns with the 2017 Security Council Resolution on DPRK. Additionally, amendments to the United Nations Security Council’s (UNSC) sanctions list are periodically communicated, with the latest update notified by the Ministry of External Affairs (MEA). The updated list reflects modifications by the UNSC Committee, with recent changes detailed in the circular. The RBI emphasizes strict compliance with these updates and sanctions, accessible on the UNSC and MEA websites.
Reserve Bank of India
RBI/2024-25/75
DOR.AML.REC.43/14.06.001/2024-25
September 19, 2024
The Chairpersons/ CEOs of all the Regulated Entities
Madam/Dear Sir,
Implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005: Designated List (Amendments)
Please refer to Section 52 of our Master Direction on Know Your Customer dated February 25, 2016 as amended on January 04, 2024 (MD on KYC), in terms of which, inter alia, “Regulated Entities (REs) shall ensure meticulous compliance with the “Procedure for Implementation of Section 12A of the Weapons of Mass Destruction (WMD) and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005” laid down in terms of Section 12A of the WMD Act, 2005 vide Order dated September 01, 2023, by the Ministry of Finance, Government of India (Annex III of the Master Direction on Know Your Customer).”
2. Further, in terms of Section 53 of our MD on KYC “the REs shall verify every day, the ‘UNSCR 1718 Sanctions List of Designated Individuals and Entities‘, as available at https://www.mea.gov.in/Implementation-of-UNSC-Sanctions-DPRK.htm, to take into account any modifications to the list in terms of additions, deletions or other changes and also ensure compliance with the ‘Implementation of Security Council Resolution on Democratic People’s Republic of Korea Order, 2017’, as amended from time to time by the Central Government”
3. A reference is also invited to our circular DOR.AML.REC.23/14.06.001/2023-24 dated July 04, 2023, communicating thereby the Consolidated Lists of UNSC Designated / Sanctioned Individuals and Entities under the UNSC Resolutions relating to non-proliferation. Amendments to the entries in the Lists are carried out from time to time. The last such amendment was notified vide our circular DOR.AML.REC.14/14.06.001/2024-25 dated April 16, 2024.
4. In this regard, Ministry of External Affairs (MEA), GoI has informed that the UNSC Committee established pursuant to resolution 1718 (2006) has enacted the amendments, specified with strikethrough and/or underline in an entry on its Sanctions List of individuals and entities (enclosed with this circular). Hence, the ‘designated list’ as referred in Paragraph 2.1 and other relevant paragraphs of the aforementioned Order dated September 01, 2023 is amended in accordance with the changes in the relevant entry.
5. The latest version of the UNSC Sanctions list on DPRK is accessible on the UN Security Council’s website at the following URLs: https://www.un.org/securitycouncil/sanctions/1718
6. The REs are advised to take note of the aforementioned communications and ensure meticulous compliance.
Yours faithfully,
(Veena Srivastava)
Chief General Manager
Encl: As above
