The Presidents/ Chief Executives Measures to Mitigate COVID-19 Pandemic - AML/ CFT/ CPF Regulations Please refer to BPRD Circular Letter 19 of 2021 whereby various relaxations were provided to the regulated entities for easing of the challenges faced by them and their account holders due to the COVID-19 pandemic. 2. In this context, considering the on-going impact of COVID-19 pandemic, it has been decided to further extend the validity of following regulatory relaxations till June 30, 2022:
However, unless instructed otherwise, the above mentioned relaxations will automatically stand withdrawn upon expiry of the extended timeline of June 30, 2022. Thereafter, banks/ MFBs shall follow the applicable regulatory instructions in the related areas. Meanwhile, banks/ MFBs are advised to take appropriate measures and steps to ensure smooth transition to normal operations without COVID-19 related regulatory forbearance. 3. Moreover, AFIs may continue to provide Person-to-Person (P2P) transfers through BB channel as stipulated under Branchless Banking Regulations for Financial Institutions (Para 4.4) till June 30, 2022. However, the same shall be ceased immediately upon expiry of the extended timeline. AFIs are advised to take necessary measures, such as creating customer awareness, making adjustments in their business model and infrastructure accordingly. 4. Notwithstanding the above, banks/ DFIs/ MFBs shall immediately revert back to the applicable instructions on the following:
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State Bank of Pakistan published this content on 07 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 January 2022 13:27:04 UTC.