Suspicious transactions: banks required to provide information to FBR
Banks would provide Federal Board of Revenue a copy of each Currency Transactions Report and Suspicious Transactions Report generated and submitted by it to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010. The FBR on Friday explained in detail the ''furnishing of information by banks (section 165A]'' through an income tax circular.
Copyright Business Recorder, 2013
As per circular, through Finance Act, 2013 a new section 165A has been introduced. As per the said provision, every banking company shall make arrangements to provide to the Board in the prescribed form and manner:- Online access to its central database containing details of its account holders and all transactions made in their accounts; a list containing particulars of deposits aggregating rupees one million or more made during the preceding calendar month; a list of payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to rupees one hundred thousand or more during the preceding calendar month; a consolidated list of loans written off exceeding rupees one million during a calendar year; and a copy of each Currency Transactions Report and Suspicious Transactions Report generated and submitted by it to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010 (VII of 2010).
Each banking company shall also make arrangements to nominate a senior officer at the head office to co-ordinate with the Board for provision of any information and document in addition to those listed in sub-section (1), as may be required by the Board. The banking companies and their officers shall not be liable to any civil, criminal or disciplinary proceedings against them for furnishing information required under this Ordinance. Subject to section 216, all information received under this section shall be used only for tax purposes and kept confidential, the FBR added.