The Chairmen and Presidents/CEOs
All Banks/DFIs
Dear Sirs/Madams,
Fit
& Proper Test (FPT) Criteria
Banks/DFIs
may please refer to BPRD Circular No.4 of 2007,
BPRD Circular No.5 of 2015 and other instructions
amended from time to time.
2. State Bank of Pakistan (SBP) has been issuing
instructions to strengthen the Fit & Proper
Test Criteria from time to time. In view of
potential risk arising from money laundering,
terrorism financing and proliferation financing,
it is imperative that any person(s) linked to
any criminal activities or affiliated to any
terrorist organizations shall not become part
of banks/DFIs.
3. Accordingly, any sponsor shareholders/beneficial
owners, directors, presidents and key executives
(persons subject to FPT) shall become disqualified
if they are designated/proscribed or associated
directly or indirectly with designated/proscribed
entities/persons under United Nations Security
Council Resolution or Anti-Terrorism Act 1997.
Henceforth, all banks/DFIs are advised to submit
revised FPT Questionnaire and Undertaking as
per Annexure-V to SBP confirming that the person
subject to FPT has been verified through National
Database and Registration Authority and screened
against the list(s) of designated/proscribed
entities and persons as per the applicable laws,
rules and regulations.
4. Further, it is reiterated that FPT is continuous
in nature. Any subsequent change in this regard
shall be immediately disclosed to the Board
of Directors and/or the concerned authority
including SBP.
5. Please acknowledge receipt.
Enclosure:
Revised FPT Questionnaire
of Annexure-II
Annexure-V
|