Overview
Reserve Bank of India (RBI) has made it mandatory for Banks to conduct necessary checks before opening a new account to ensure that the identity of the customer does not match with any person with known criminal background or with banned entities such as terrorist individuals or terrorist organizations. As per extant RBI guidelines, Banks are required to ensure that before opening any new account, the proposed customer does not appear in the United Nations’ list under Security Council Resolutions (mainly 1267 and such others as may be specified by RBI from time to time) and the terrorist lists circulated by RBI.
Federal Bank has exposed UN Name Check API, in order to meet the above requirement. Service providers using Federal Bank API should mandatorily embed this API call as an essential element of the effective customer on-boarding program workflow.