Know Your Customer - State Bank Advice
Sunday, February 14, 2010
The State Bank advised banks on Saturday to prevent money transfers through ‘Benami Accounts’ and remain extra vigilant about Know Your Customer (KYC) requirements of the central bank.
This advice was given at a compliance forum arranged by the SBP in collaboration with the Financial Monitoring Unit (FMU) in Karachi on Saturday.
The meeting was part of the consultative approach being followed by the SBP to help build capacity of banks in their compliance framework.
Syed Irfan Ali, Director Banking Policy and Regulation Department, State Bank, 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 funds.State Bank’s representatives provided detailed guidelines and clarifications 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.
Labels: Commercial Banks, Know Your Customer, SBP
posted @ 6:12 PM,
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