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.
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.
Accordingly, any sponsor shareholders/beneficial owners, directors, presidents and key executives (persons subject to FPT) shall become disqualified if they are designated/proscribe 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.
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.
