Circulars/Notifications - Banking Policy & Regulations Department  
 BPRD Circular Letter No. 07 of 2008
April 07, 2008 

The Presidents / Chief Executives,
All Banks / DFIs.


Dear Sirs / Madam,

Prudential Regulation M-5 : Suspicious Transactions

Please refer to the instructions contained in paragraph 2 of Prudential Regulation M-5 in terms of which banks / DFIs are required to report suspicious transactions to Banking Policy & Regulations Department of State Bank of Pakistan.

Banks / DFIs are aware that Anti-money Laundering Ordinance, 2007 requires reporting of suspicious transactions solely and exclusively to FMU. Therefore, paragraph 2 of Prudential Regulation M-5 is partly amended as follows:

The text “Banking Policy Department of the State Bank of Pakistan” may be substituted with the text “the Director General, Financial Monitoring Unit, Karachi.”

Accordingly, banks/ DFIs are advised to report suspicious transactions to the Director, General, Financial Monitoring Unit, State Bank of Pakistan, Main Building Karachi in future.

Please acknowledge receipt.


Yours sincerely,


(SYED IRFAN ALI)
Director

       
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