The State Bank of Pakistan (SBP) has urged the country’s banks to build capacity to cope with challenges related to trade-based money laundering (TBML) according to the bank’s executive director for banking policy and regulations.
Syed Irfan Ali told delegates at a seminar organised by Standard Chartered Bank Pakistan in collaboration with the SBP that the banking industry needs to adopt global best practices to contain money laundering through trade instruments.
Latest insights
The seminar aimed to provide senior bankers with insights into the latest techniques for TBML detection and prevention.
The seminar was part of Standard Chartered’s global initiative to focus on emerging risks of money laundering within international trade.
Global compliance
In this context, chief executive officer at Standard Chartered Bank Pakistan, Shazad Dada, said that TBML is not a new phenomenon.
“However, with the ever-increasing growth in the global trade volumes and complexity of cross-border transactions, it has become increasingly important for banks to be more vigilant and apply advanced techniques aided by technological advancements to meet financial crime compliance standards set in place by the regulators globally,” he concluded.
Categories: Trade Based Financial crimes News
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