State Bank revises AML/CFT rules
The central bank has revised anti-money laundering and combating the financing of terrorism (AML/CFT) requirements to facilitate customers experiencing problems with operating bank accounts, ensuring execution of financial transactions, and getting financial services from banks.
"Banks/ Development Finance Institutions (DFIs) may use the NADRA Verisys in place of obtaining certified photocopies of required NADRA identity documents and biometric verifications wherever required as per SBP AML/CFT Regulations including for request of activation of dormant account by customers. They should retain the NADRA Verisys for record keeping requirements (digitally or hard copy)," the SBP said.
Banks/DFIs should update records of their customers with regard to their postal address or email address or registered mobile number or landline number, it said. They might use either of these mediums for ensuring efficient and reliable communications with their customers, including wherever customer request/instruction was desired as per requirement of AML/CFT regulation including for activation of dormant accounts.
These instructions have come into force from July 1, 2020. The SBP also extended the validity of the measures announced in March to help mitigate the risk of spread of Covid-19, which might arise from physical contact/interaction during account opening activities until December 31, 2020.
Pakistan's imports
of goods and services from China witnessed decrease of 11.30 percent during the eleven months of fiscal year (2019-20) as compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported. The overall imports from China were recorded at US $8255.034 million during July-May (2019-20) against the imports of $9307.173 million during July-May (2018-19), showing a decline of 11.30 percent, SBP data revealed.
The overall imports were also decreased by 18.72 percent, from $47.831 billion to $38.877 billion, according to the data. On the other hand, the exports to China during the period under review were recorded at $1535.454 million against exports of $1701.506 million during same period of last year, showing decline of 9.75 percent.