State Bank of Pakistan stresses upon Exchange Companies to Follow Best Practices of Corporate Governance

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Karachi, July 02, 2012 (PPI-OT): The Executive Director, State Bank of Pakistan (SBP), Kazi Abdul Muktadir has stressed upon the exchange companies (ECs) to follow the best practices of corporate governance and ensure compliance of the prescribed rules and regulations of the central bank.

Inaugurating an awareness program for the Directors/Chief Executive Officers (CEOs) of exchange companies at SBP BSC, Lahore, he explained to participants that there is a strong need for the ECs to understand the anti money laundering (AML) and terrorist financing risks associated with their business transactions and advised them to ensure compliance of the prescribed regulations on AML/CFT (Combating the Financing of Terrorism).

Kazi also briefed the participants about the background under which the exchange companies were established and opportunities available for them to graduate towards larger sized companies.

Mr. Shaukat Zaman, Director, DFIs and Exchange Companies Inspection Department (DFIs and ECID), SBP gave a presentation on the best practices of corporate governance.

Senior officers of Offsite Supervision and Enforcement Department (OSED) of SBP and Financial Monitoring Unit (FMU) briefed the participants about the regulatory compliance and consequences of inadequate level of compliance on regulatory instructions.

Appreciating the SBP efforts towards creating awareness among Directors/CEOs of ECs on corporate governance and AML/CFT, the President of Exchange Companies Association of Pakistan (ECAP), Haji Haroon assured that exchange companies are ready to work more closely with the regulator and will ensure compliance of prescribed regulations issued by SBP.

More than 50 Directors and CEOs of ECs of both A and B category, representing 14 companies, participated in the program.

For more information, contact:
Syed Wasimuddin
Chief Spokesman
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563
Email: syed.wasimuddin@sbp.org.pk