KARACHI: The Pakistan Single Window (PSW) has developed a price verification portal to strengthen banks’ compliance with price-related due diligence requirements outlined in the central bank’s framework for managing risks associated with trade-based money laundering and terrorist financing.
“With a view to strengthening authorised dealers’ compliance with the price-related due diligence requirements prescribed under the SBP’s Framework for Managing Risks of Trade-Based Money Laundering and Terrorist Financing (TBML&TF), the Pakistan Single Window (PSW) has developed a price verification portal,” the State Bank of Pakistan said in a circular on Monday.
“While authorised dealers are already utilising various in-house and third-party price verification tools, the portal shall serve as an additional facility to supplement existing price verification mechanisms and to further strengthen trade-related AML [anti-money laundering] and CFT [combating the financing of terrorism] controls,” it added.
The SBP said that banks, known as authorised dealers, will continue to exercise due diligence and may rely on all available tools and information services, including the above portal, to ensure compliance with the legal and regulatory obligations under the prevailing AML/CFT laws and regulations.
The SBP advised banks to undertake the requisite system development, ensure integration with the portal, and attain operational readiness by July 31, 2026.“Non-compliance with the aforesaid instructions may render the delinquent authorised dealers liable to regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947,” the central bank said.
