SBP to join hands with FIA curb money laundering, digital fraud and cyber attacks
The announcement comes at a meeting chaired by the central bank's governor.


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.

New plan to protect public from extreme heat in UAE
- 39 minutes ago
Govt keeps petrol price unchanged, increases HSD by Rs2.78
- 10 hours ago

A self-driving car traffic jam is coming for US cities
- 6 hours ago

NADRA to launch facial recognition for elderly facing fingerprint issues
- 27 minutes ago

Policies of Qatar, other countries isolated Israel: Netanyahu
- 2 hours ago

Karachi installs 891 cameras under phase one of safe city project
- 15 hours ago

5 Pakistan Army soldiers martyred, 5 terrorists killed in IED blast in Kech clearance operation
- 4 hours ago

PM meets Emir of Qatar, says Pakistan stands with Qatar in difficult times
- an hour ago

Sit or play? Why Jordan Love's path to Packers starter remains unique in the NFL
- 7 hours ago

Trump to file $15bn defamation lawsuit against New York Times
- 18 minutes ago

Pakistan, India to face each other again tomorrow
- an hour ago

Light rain in Karachi early morning, heavy rain likely in various cities till Sept 19
- 3 hours ago