The Securities and Exchange Board of India, (SEBI) on September 19, 2024, issued Implementation of Security Council Resolution on Democratic People‘s Republic of Korea (Amendment) Order, 2021: Updates to UNSC’s 1718 Sanctions List of Designated Individuals and Entities: Amendment in 01 entry.
As per Clause 51 of SEBI's Master Circular on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT), registered intermediaries are required to ensure that no accounts are opened or held by individuals or entities listed under sanction measures such as freezing of assets or denial of financial services, as per United Nations Security Council (UNSC) Resolutions. Intermediaries must continuously scan all existing accounts to verify they are not linked to sanctioned individuals or entities. On September 17, 2024, the UNSC committee responsible for implementing Resolutions related to the Democratic People’s Republic of Korea (DPRK) amended one entry in its sanctions list.
The updated list of sanctioned individuals and entities can be accessed via the UNSC website, including the DPRK-specific 1718 Sanctions List. Intermediaries, stock exchanges, depositories, and other stakeholders are advised to take note of these updates and ensure compliance with the relevant laws and regulations in India, in line with the UNSC sanctions.
