AML/CFT awareness session was arranged by National Institute of Banking and Finance (NIBAF) at State Bank of Pakistan, Banking Services Corporation Multan on 21st November, 2019. Total 27 participants from different banks have attended the session which also include senior officials of compliance and branch banking. Mr. Assad Farman, Assistant Director, Financial Monitoring Unit (FMU) delivered the session.
During these session, the participants of the training were initially briefed regarding ML/TF and its context in light of FATF recommendations &/or domestic laws and regulations. The risks associated with banking sector in light of findings of National Risk Assessment on ML of Pakistan were communicated. When to report STRs in light of red flag indicators and how to report STRs in light of FMU’s goAML reporting mechanism was discussed with the participants.
The participants raised various questions regarding goAML Reporting and AML / CFT regime in Pakistan. The implementation of UNSCRs, specifically UNSCR 1267 & UNSCR 1373, was widely discussed and questions related to identification of individuals/entities listed under UNSCRs or domestic laws were addressed. Additionally, multiple STR reporting scenarios for banking sector were also discussed with the participants.”