Reserve Bank of India (RBI), in terms of instructions contained in
the guidelines on Know Your Customer (KYC) norms, have advised
the banks that before opening any new account it should be ensured
that the identity of the customer does not match with any person
with known criminal background or with banned entities such as
individual terrorist or terrorist organisation etc.
Banks are stipulated to file suspicious transaction reports
pertaining to remittances/withdrawals from bank accounts and
in respect of account holder.
Financial Intelligence Unit – India (FIU-IND) has been set-up
to receive information relating to certain types of transactions
including suspicious transaction from financial sector, analyze
received information and disseminate information in appropriate
cases to relevant intelligence/law enforcement agencies.
FIU-IND has received certain suspicious reports on account of
matches of certain details of terrorist whose names are appearing
in UN Consolidated lists and other lists. In most of the cases the
matches were partial or incomplete.
Enhanced due diligence was conducted by FIU-IND and thereafter
information was disseminated in appropriate case to relevant
law enforcement/intelligence agencies.
As reported by RBI,
two bank accounts have been frozen
under the provisions of thetwo bank accounts have been frozen
Unlawful Activities (Prevention) Act, 1967.
This information was given by Minister of State for Finance,
Namo Narain Meena in written reply to a
question raised in Rajya Sabha on 16th March 2010
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