SBP updates guidelines related to UNSC resolutions

KARACHI: State Bank of Pakistan (SBP) on Tuesday updated guidelines for banks related compliance on notification issued under United Nations Security Council (UNSC) Resolutions.

The SBP issued circular addressing chief executives and presidents of banks, development financial institutions and microfinance banks, referring to the guidelines on Compliance of Government of Pakistan’s Notifications issued under United Nations Security Council (UNSC) Resolutions, issued vide BPRD Circular No. 03 of 2015 as amended from time to time.

The SBP said that in order to further enhance the understanding of Targeted Financial Sanctions regimes for Terrorism Financing and Proliferation Financing, under UNSC Resolutions, and to further align said regimes with the requirements embodied in FATF Recommendations, SBP has decided to update the subject guidelines.

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