Anti-money laundering and Combating Financing of Terrorism (AML/CFT). Pakistan like other jurisdictions has adopted a comprehensive set of PRs to enhance its vigilance on money laundering and terrorist financing.
PRs for AML require banks to ensure Know-your-customers (KYC) before establishing banking relationships, conduct due diligence on an ongoing basis, identify and provide Suspicious Transaction Reports (STRs), ensure maintenance and retention of records, and fulfill specific requirements for compliance officers and wire transfers etc. In July 2006, SBP updated and strengthened these PRs and aligned them further with FATF recommendations.