Applicant/customer: SBP asks banks not to provide invalid email address
KARACHI: The State Bank of Pakistan (SBP) fully implementing Regulatory Approval System for submission of all cases pertaining to functions of Exchange Policy Department (EPD) has directed banks not to provide invalid email address of applicant/customer.
As on March 20, 2020, the Authorized dealers (ADs) were advised to submit all cases pertaining to functions of Exchange Policy Department through Regulatory Approval System (RAS) with effect from March 24, 2020, in addition to the manual submission of cases through surface mail. Further, manual submission of cases to Foreign Exchange Operations Department (FEOD), SBP-BSC was discontinued.
In this context, now the SBP has decided that manual/paper-based submission of cases to EPD through surface mail will stand discontinued with effect from August 28, 2020.
Further, SBP has observed that ADs resort to fill in the mandatory field of email address of applicant/customer with invalid email address due to which system is unable to update the status of case to the applicant.
Similarly, some ADs are re-submitting the old/discrepant cases, once submitted through RAS, with new case numbers. Such practices have been viewed with concern.
Accordingly, SBP has decided that ADs will provide valid email address of the applicant while submitting cases to EPD and FEOD (SBP-BSC) in RAS. The submission of cases without customer’s valid email address after August 28, 2020 will not be accepted.
ADs have also been directed that discrepant/old cases, once submitted through RAS, should not be submitted as new cases.
Submission of cases to EPD and FEOD (SBP-BSC) through RAS with incorrect/invalid customer’s email address may attract enforcement action(s) from SBP, as per the applicable laws/regulations.
SBP has advised ADs to bring the above instructions into the knowledge of all their constituents for meticulous compliance. All other instructions on the subject will remain unchanged.
Copyright Business Recorder, 2020
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