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SBP directs financial institutions to keep an eye on suspicious transactions

KARACHI (Dunya News) – The State Bank of Pakistan (SBP) has issued a set for banks and other financial institutions which would help them in keeping an eye on suspicious transactions regarding terrorism funding and money laundering.

SBP reveals that all the financial institutions need to have close eye on the suspicious transactions of their account holders and analyse any transaction made of higher amount from any account thoroughly.

In addition, continuous nature transaction from only one account should also be observed carefully.

The guidelines also direct the financial institutions to get detailed information regarding the conversion of smaller currency notes into larger currency notes in high numbers at one time.

Experts are of the opinion that owing to the new guidelines issued by the State Bank of Pakistan, the transfer of money used for terrorism would be stopped to a greater extent.

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