Updated on
Summary
The State Bank of Pakistan has advised the banks to prevent money transfers through 'Benami Accounts' and remain extra vigilant about Know Your Customer (KYC) requirements of SBP. This advice was given at a Compliance Forum meeting arranged by SBP in collaboration with the Financial Monitoring Unit (FMU) in Karachi today. The meeting was a part of consultative approach being followed by SBP to help build capacity of banks in their compliance framework.Syed Irfan Ali, Director Banking Policy & Regulation Department, State Bank of Pakistan briefed the participants about various steps taken by the central bank with regard to strengthening the regulations to curb money laundering and illegal transfer of fund. State Bank's representatives provided detailed guidance / clarification to commercial banks for proper implementation of regulatory requirements. Representatives of banks gave their suggestions to improve systems and procedures in this regard. The meeting was attended, among others, by senior executives from the banking industry besides senior officials of the State Bank.
