Banking

ECs asks for currency monitoring through cameras by March 1, 2019

Karachi, February 22, 2019: The State Bank of Pakistan (SBP) asked Exchange Companies for monitoring of currency operation through Close Circuit Television (CCTV) Cameras to curb money laundering.

In order to further strengthen the AML/CFT regime for Exchange Companies and Exchange Companies of ‘B’ category and with a view to further improve their operational risk management, the mechanism for monitoring through Close Circuit Television (CCTV) cameras installed at company outlets was standardized in December last year.

Accordingly, in terms of SBP directives Exchange Companies were required to standardize monitoring through Close Circuit Television (CCTV) cameras with effect from January 01, 2019.

However, in order to fully implement the subject instructions throughout their entire network across Pakistan, Exchange Companies have requested to extend implementation deadline for the subject instructions.

In view of Exchange Companies Request, SBP has decided to allow Exchange Companies and Exchange Companies of ‘B’ Category extension of two months in implementation of subject instructions.

Now Exchange Companies are required to standardize monitoring through Close Circuit Television (CCTV) cameras become effective from March 01, 2019.

Exchange Companies and Exchange Companies of ‘B’ Category are, therefore, advised by SBP to make necessary arrangements for timely implementation of the above instructions and each outlet will be equipped with high resolution CCTV cameras having zoom function in order to monitor and clearly capture all activities taking place in the respective outlet.

All other terms and conditions on the subject shall remain unchanged and no further relaxation shall be granted in the time period.

SBP has warned that failure to comply with the above instructions will attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.

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