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RBI alerts co-operative banks to keep watch on terror funding
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Mumbai, Oct 29 (PTI) The Reserve Bank today directed all central and state co-operative banks to keep a strict watch on UN-listed terror funding entities that might use the banking operations in the country to fund terrorist activities.
In August, RBI issued a similar direction to scheduled commercial banks and financial institutions asking them to be on vigil so that no account is opened or maintained for entities mentioned in the United Nations'list. The list of terrorist organisations and individuals, brought out by the UN Security Council Committee, include underworld don Dawood Ibrahim, Osama bin Laden, Al Qaeda, Taliban, Lashkar-e-Taiba and Jaish-e-Mohammad."Banks have been advised that full details of accounts bearing resemblance with any of the individuals or entities in the list should immediately be intimated to RBI and FIU-IND (Financial Intelligence Unit-India),"the central bank said. The RBI said the assets belonging to any such individual or entities would be frozen after verification from the Union Home Ministry. Last Friday, market regulator SEBI asked stock exchanges and other securities intermediaries to keep a tab on their new and existing clients, and inform the home ministry within 24 hours if they find any client, whose particulars match with those of the UN-listed entries.
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