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Viewing cable 09ISLAMABAD923, STATE BANK OF PAKISTAN STRENGTHENS REGULATIONS FOR

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Reference ID Created Released Classification Origin
09ISLAMABAD923 2009-04-30 11:16 2011-08-26 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Islamabad
VZCZCXRO3148
RR RUEHLH RUEHPW
DE RUEHIL #0923/01 1201116
ZNR UUUUU ZZH
R 301116Z APR 09
FM AMEMBASSY ISLAMABAD
TO RUEHC/SECSTATE WASHDC 2515
INFO RUCPDOC/USDOC WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
RUEHBUL/AMEMBASSY KABUL 0196
RUEHLO/AMEMBASSY LONDON 0212
RUEHNE/AMEMBASSY NEW DELHI 4815
RUEHLH/AMCONSUL LAHORE 7149
RUEHKP/AMCONSUL KARACHI 1544
RUEHPW/AMCONSUL PESHAWAR 6084
RUEAIIA/CIA WASHDC
RUEKJCS/JOINT STAFF WASHINGTON DC
RHEHNSC/NSC WASHINGTON DC
RUEKJCS/SECDEF WASHINGTON DC
RUMICEA/USCENTCOM INTEL CEN MACDILL AFB FL
UNCLAS SECTION 01 OF 02 ISLAMABAD 000923 
 
SENSITIVE 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: ECON EFIN KTFN PREL PTER PK
SUBJECT:  STATE BANK OF PAKISTAN STRENGTHENS REGULATIONS FOR 
DETECTION OF MONEY LAUNDERING 
 
1. (SBU) Summary: In March, the State Bank of Pakistan amended its 
rules to detect money laundering and terrorism finance, requiring 
all banks in Pakistan to establish compliance units, conduct due 
diligence on customers, and identify suspicious customers and 
transactions.  The rules are a response to a recent evaluation by 
the World Bank and Asia-Pacific Group of Pakistan's compliance with 
the Financial Action Task Force (FATF) recommendations.  End 
Summary. 
 
2. (SBU) New rules enacted by the State Bank of Pakistan (SBP) in 
March broadly require that banks and development finance 
institutions, through their Boards of Directors, develop due 
diligence and know-your-customer procedures, and identify high risk 
customers. 
 
Compliance Units Now Mandatory 
------------------------------ 
 
3. (SBU) The new SBP rules require every bank in Pakistan to set up 
a compliance unit with a full-time director, create management 
information systems to regularly monitor customer accounts and 
transactions, regularly update customer information, and plan 
suitable training for compliance staff.  The rules also require 
banks to maintain up to date customer records, as well as to notify 
the SBP in writing of any failure to comply with the rules. 
 
4. (SBU) Previously, banks in Pakistan were not required to have 
separate compliance units.  While foreign banks maintain separate 
compliance units based on international standards, local banks have 
allowed compliance monitoring to blur with enforcement of other 
regulations.  As a result, according to one international bank 
manager, local banks do not have effective compliance monitoring and 
often overlook these types of issues. 
 
5.  (SBU) The same international bank manager estimated it will take 
approximately six months for local banks to build capacity 
sufficient to comply with these rules, as they will have to 
reorganize and hire new employees.  He also said he was confident 
that international banks in Pakistan would be willing to assist in 
this effort. 
 
Customer Identification 
----------------------- 
 
6. (SBU) The most important aspect of the new rules is the 
requirement that customers' Computerized National Identity Cards 
(CNICs) are verified with the National Database and Registration 
Authority (NADRA).  Banks must obtain attested copies of all 
customers' CNICs not later than June 30, 2009, and discontinue 
relationships with customers who do not comply.  Previously, SBP 
rules required banks to identify their customers, but old identity 
cards were not tied to NADRA's computerized database and were more 
easily forged. 
 
Enhanced Due Diligence 
---------------------- 
 
7. (SBU) The rules also identify categories of high risk customers 
and require banks to conduct enhanced due diligence on their 
accounts.  High risk customers include non-residents, private 
banking customers, non-governmental organizations and charities, 
customers in cash based businesses or with no identifiable source of 
income, and customers with connections to countries where anti-money 
laundering laws are lax or offshore tax havens. 
 
 
8. (SBU) The new rules require the SBP to inspect banks and their 
staff for compliance with these regulations, and to refer negligent 
or non-compliant banks to the Financial Monitoring Unit (FMU) for 
monitoring.  FMU Director Azar Kureshi reported that the SBP 
conducts in-depth inspections of banks at least once a year and 
conducts targeted inspections as needed.  Kureshi stressed that the 
FMU asks the SBP inspection unit to focus on banks' compliance with 
rules related to money laundering and terror finance. 
 
Comment 
------- 
 
 
ISLAMABAD 00000923  002 OF 002 
 
 
9. (SBU) Comment:  Provided they are implemented and enforced, SBP's 
new counter-terrorism finance and anti-money laundering regulations 
represent a welcome step towards ensuring that local banks' 
compliance monitoring is elevated to a level that more closely 
resembles international standards.  Post expects that an FATF 
recommendation compliance report to be presented to the GOP soon 
will give SBP credit for changing its rules and find it to be a 
credible regulator. 
 
10. (SBU) Full implementation may prove difficult, however, as the 
FMU is currently operating at half staff and its present ability to 
effectively oversee the monitoring units is doubtful.  Under Terms 
of Reference U.S. Treasury executed with the GOP, a great 
opportunity exists to help build capacity within the FMU, especially 
regarding implementation of these new rules.  Post may also wish to 
explore opportunities to offer capacity building training to local 
banks, in conjunction with the SBP, to help the banks implement the 
new rules and train compliance monitoring units/staff.  End comment. 
 
 
PATTERSON