Date: 2024-09-19Category: Not ApplicableState: Union GovernmentCountry: India
Implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005: Designated List (Amendments)
Executive Summary:
This circular from the Reserve Bank of India (RBI), dated September 19, 2024, addresses amendments to the designated list under Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005. It references previous circulars and master directions on Know Your Customer (KYC) compliance. Regulated entities (REs) are required to meticulously comply with the updated sanctions list and ensure necessary actions are taken.
Key Points / Main Content:
* **Compliance with WMD Act:**
* REs must comply with the procedure for implementing Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005, as per the Ministry of Finance Order dated September 01, 2023.
* **Verification of UNSCR 1718 Sanctions List:**
* REs shall verify the UNSCR 1718 Sanctions List of Designated Individuals and Entities daily, taking into account any modifications additions, deletions or other changes.
* Compliance with the Implementation of Security Council Resolution on Democratic Peoples Republic of Korea Order, 2017, as amended from time to time by the Central Government must be ensured.
* **Amendments to Sanctions List:**
* The Ministry of External Affairs (MEA) has informed of amendments enacted by the UNSC Committee pursuant to resolution 1718 (2006).
* The designated list is amended according to the changes in the relevant entry, specified with strikethrough and/or underline in the enclosed list.
* **Access to Updated List:**
* The latest version of the UNSC Sanctions list on DPRK is accessible on the UN Security Council's website.
Impact Analysis:
Regulated Entities (REs):
* Impact: REs are responsible for implementing the changes to the sanctions list and ensuring compliance with Section 12A of the WMD Act.
* Action Required: REs must take note of the communications, access the updated sanctions list, and ensure meticulous compliance with the amended regulations.
Key Entities Referenced
Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities Act), 2005: An Act of the Indian Parliament, abbreviated as WMD Act, 2005, concerning the prohibition of unlawful activities related to weapons of mass destruction and their delivery systems.
Ministry of Finance: A department of the Government of India.
Master Direction on Know Your Customer: A regulatory document issued by the Reserve Bank of India (RBI) that outlines the guidelines and procedures for Regulated Entities (REs) regarding Know Your Customer (KYC) norms.
United Nations Security Council Resolution 1718: A resolution adopted by the UN Security Council concerning sanctions on North Korea (Democratic People's Republic of Korea).
Democratic People's Republic of Korea: Also known as North Korea, a country in East Asia.
Ministry of External Affairs: A department of the Government of India.
United Nations Security Council: A principal organ of the United Nations responsible for the maintenance of international peace and security.
Mumbai, Maharashtra: A city in Maharashtra, India, where the Central Office of Department of Regulation, Reserve Bank of India, is located.
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.
िविनयमन िवभाग, केंद्रीय कायार्लय, 12वी ंऔर13वी ंमंिज़ल, नरीमन भवन, िवनय के शाह मागर्, नरीमन पॉइंट के पास , मुंबई - 400021
टेलीफोन/Tel No: 22820703 & 22820733 ईमेल/ Email: cgmicdor@rbi.org.in
Department of Regulation, Central Office, 12th & 13th Floor, Nariman Bhavan, Vinay K Shah Marg, Near Nariman
Point, Mumbai – 400021
"Caution: RBI never sends mails, SMSs or makes calls asking for personal information like bank account details, passwords, etc. It never keeps or offers funds to anyone. Please
do not respond in any manner to such offers."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
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