Please refer to the Fit &
Proper Test (FPT) criteria stipulated vide
PSD Circular No. 03 dated October 23, 2014
on the above subject.
2. State Bank of Pakistan
(SBP), from time to time, has been issuing
instructions to strengthen the FPT criteria
in view of the potential risks arising from
money laundering, terrorism financing and
proliferation financing. It is therefore imperative
that any person(s) linked to any criminal
activities or affiliated to any terrorist
organizations shall not become part of financial
institutions as well as Payment System Operators
and Payment Service Providers (PSOs/PSPs).
3. In this regard, all PSOs/PSPs
are advised to submit revised FPT Questionnaire
as per Annexure-C-1 and Declaration as per
Annexure-C-4 to SBP under the procedure laid
down in the Rules. Accordingly, Annexure-C-1
issued previously vide above stated Circular
stands withdrawn. The FPT is continuous in
nature therefore any subsequent change in
this regard shall be immediately disclosed
to the concerned quarters and authorities
4. Moreover, any person subject
to FPT shall become disqualified if he/she
is found to be designated/proscribed or associated
directly or indirectly with designated/proscribed
entities/persons under United Nations Security
Council Resolution or Anti-Terrorism Act 1997.
5. All other instructions
on the subject shall remain unchanged.
Please acknowledge receipt.
Revised FPT Questionnaire
of Annexure- C-1