KARACHI: The State Bank of Pakistan (SBP) has amended the
guidelines regarding asset freeze, travel ban and arms embargo, a circular said
on Friday,
The central bank directed banks not to provide any banking
services to proscribed entities and persons or their associated persons as
required under anti-money laundering and combating the financing of terrorism
(AML/CFT) regulations. “In case of entity accounts, it should be ensured
that their beneficial owners, directors, members, trustees and authorised
signatories are not linked with any proscribed entities and persons, whether
under the same name or with a different name, the SBP said.
“The association of individuals / entities with proscribed
entities and persons may be determined on the basis of appropriate screening of
sanctions lists / watch lists, publically known information or linkages on the
basis of online NTN verification, government or regulatory sources, reliable
media information, etc,” it added.
The SBP also said that while opening new accounts or extending
services to customers, any similarity between the identifying information of
the customer and that of proscribed entities and persons, including national
identification number, address, etc, may be viewed with suspicion and properly
investigated for necessary action as per the requirements.
The banks, development finance institutions and microfinance
banks should monitor their relationships on a continuous basis and ensure that
no such relationship exists.
If any such relationship is found, the same should be
immediately reported to the financial monitoring unit and other actions should
be taken as per the law.
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