Connect with us

Hi, what are you looking for?

Online Business Success

SBP, FIA join hands to curb money laundering, digital fraud


State Bank of Pakistan Governor Dr Reza Baqir — Reuters/File
State Bank of Pakistan Governor Dr Reza Baqir — Reuters/File
  • Reza Baqir emphasises need for close cooperation amongst banks, FIA so that white-collar crimes are investigated quickly.
  • FIA team offers support in strengthening cyber security at banks and suggests banks carry out IS audit of their systems.
  • SBP says prosecution of criminals is needed to reduce incidences of money laundering, digital fraud.

KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Saturday emphasised the need for closer cooperation amongst banks, the central bank and the Federal Investigation Agency (FIA) so that “white-collar crimes are expeditiously investigated and fraudsters are apprehended and prosecuted.”

According to a statement issued by the central bank, a meeting was held under the chairmanship of Baqir to strengthen coordination against money laundering, digital fraud and cyber attacks.

Officials present during the meeting were informed that the SBP has taken several measures in the recent past to strengthen its work on Anti-money Laundering (AML) as well as taken regulatory and supervisory measures to improve bank controls to prevent digital and social engineering frauds.

During the meeting, it was decided that in addition to having better control at the level of financial institutions and enhanced customer awareness, effective investigation and prosecution of criminals is needed to substantially reduce the incidence of money laundering, digital fraud and cyber attacks.

“The FIA team offered support in strengthening cyber security at banks and suggested banks carry out Information Security (IS) audit of their systems,” the statement read.

Welcoming the suggestion, the SBP noted that as per existing regulations, banks are required to regularly carry out an information systems audit and penetration testing: however, the same would be reemphasised to the industry through PBA.



Source link

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Advertisement

Latest

Online Business Success

State Bank of Pakistan Governor Dr Reza Baqir — Reuters/File Reza Baqir emphasises need for close cooperation amongst banks, FIA so that white-collar crimes...

Top Stories

Zcash (ZEC) surged by nearly 20% in the past 24 hours, helped by the euphoria surrounding its core protocol’s decisive transition from Proof-of-Work (PoW)...

Loan And Finance

Authored by CII The Chartered Insurance Institute has warned members whose social media accounts are linked to their professional organisation to ensure their posts...

Top Stories

As 2021 comes to a close, Bitcoin (BTC) has had a tumultuous ride this year, with wild price swings that have seen the pioneer...

Technology

Hear from CIOs, CTOs, and other C-level and senior execs on data and AI strategies at the Future of Work Summit this January 12,...

Online Business Success

— Reuters/File According to the SBP, the decision has been taken in line with international best practices. Central banks aims to make the process...

Loan And Finance

“Although the pandemic triggered supply chain problems, other contributors are the proliferation of chip-based products and intensification of demand, which aren’t going away,” FM...

Top Stories

New York-based crypto-mining service provider Foundry USA takes the lead to become the world’s second-largest Bitcoin (BTC) mining pool after taking up a 15.42%...

Advertisement

You May Also Like

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Blogging

In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

Advertisement