Suspicious: Exchange firms to report transactions
All currency exchange companies to submit suspicious transaction reports and currency transaction reports
KARACHI:
The State Bank of Pakistan (SBP) has directed all currency exchange companies to submit suspicious transaction reports and currency transaction reports manually or electronically, required under the Anti-money Laundering and Countering Financing of Terrorism regime, to the Financial Monitoring Unit of the central bank. In a circular issued to exchange companies on Friday, the SBP informed them that the Anti-money Laundering Act 2010 specifically provides for criminal sanctions on failure to file the reports and for providing false information.
Published in The Express Tribune, January 7th, 2012.
The State Bank of Pakistan (SBP) has directed all currency exchange companies to submit suspicious transaction reports and currency transaction reports manually or electronically, required under the Anti-money Laundering and Countering Financing of Terrorism regime, to the Financial Monitoring Unit of the central bank. In a circular issued to exchange companies on Friday, the SBP informed them that the Anti-money Laundering Act 2010 specifically provides for criminal sanctions on failure to file the reports and for providing false information.
Published in The Express Tribune, January 7th, 2012.