Circulars/Notifications - Payment System Department  
 PSD Circular No. 08 of 2018
November 23, 2018 

The Presidents/Chief Executives
All Banks/Microfinance Banks/

Dear Sir/Madam,

Rules for Payment System Operators and Payment Service Providers-Revision
in Fit & Proper Test Instructions


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 Accordingly, Annexure-C-1 issued previously vide above stated Circular stands withdrawn.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 including SBP.

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
Annexure- C-4

Yours faithfully,


(Syed Sohail Javaad)

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