Karachi, August 29, 2023 – The State Bank of Pakistan (SBP) has taken swift action by suspending the authorization of an Exchange Company, M/s Money Link Exchange Company (Private) Limited, with immediate effect.
This suspension, which will last for a period of three months, has been imposed due to the serious violation of State Bank regulations and instructions by the company.
The suspension encompasses not only the Exchange Company but also its Head Office and all nine (09) outlets affiliated with it. During the suspension period, all entities involved are prohibited from engaging in any form of business activity.
This decisive action by the State Bank of Pakistan underscores its commitment to upholding the integrity of financial institutions and ensuring compliance with regulatory standards. Such actions are taken to maintain the stability and trustworthiness of the financial sector, protect the interests of consumers, and ensure adherence to established rules and regulations.
The specific nature of the violations or the details surrounding the suspension have not been provided in this announcement. However, it serves as a reminder to financial institutions and exchange companies to maintain strict adherence to the regulatory guidelines set forth by the State Bank of Pakistan to avoid similar actions in the future.
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