AVN 63.94 Decreased By ▼ -1.02 (-1.57%)
BAFL 29.95 Decreased By ▼ -0.30 (-0.99%)
BOP 4.64 No Change ▼ 0.00 (0%)
CNERGY 3.88 No Change ▼ 0.00 (0%)
DFML 13.40 Decreased By ▼ -0.15 (-1.11%)
DGKC 40.64 Decreased By ▼ -1.56 (-3.7%)
EPCL 47.01 Increased By ▲ 1.20 (2.62%)
FCCL 10.99 Decreased By ▼ -0.42 (-3.68%)
FFL 5.05 Decreased By ▼ -0.12 (-2.32%)
FLYNG 5.76 Decreased By ▼ -0.04 (-0.69%)
GGL 9.78 Decreased By ▼ -0.26 (-2.59%)
HUBC 61.85 Decreased By ▼ -1.45 (-2.29%)
HUMNL 5.66 Decreased By ▼ -0.09 (-1.57%)
KAPCO 27.52 Decreased By ▼ -0.31 (-1.11%)
KEL 2.14 Increased By ▲ 0.01 (0.47%)
LOTCHEM 24.23 Decreased By ▼ -1.10 (-4.34%)
MLCF 20.78 Decreased By ▼ -0.79 (-3.66%)
NETSOL 83.19 Decreased By ▼ -1.80 (-2.12%)
OGDC 86.27 Increased By ▲ 0.04 (0.05%)
PAEL 10.78 Decreased By ▼ -0.14 (-1.28%)
PIBTL 4.11 Decreased By ▼ -0.12 (-2.84%)
PPL 76.26 Decreased By ▼ -2.26 (-2.88%)
PRL 13.66 Increased By ▲ 0.04 (0.29%)
SILK 0.88 Decreased By ▼ -0.01 (-1.12%)
SNGP 40.86 No Change ▼ 0.00 (0%)
TELE 5.87 Decreased By ▼ -0.13 (-2.17%)
TPLP 15.61 Decreased By ▼ -0.39 (-2.44%)
TRG 109.97 Decreased By ▼ -1.73 (-1.55%)
UNITY 13.80 Decreased By ▼ -0.19 (-1.36%)
WTL 1.14 Increased By ▲ 0.01 (0.88%)
BR100 3,967 Decreased By -58.9 (-1.46%)
BR30 14,185 Decreased By -217.7 (-1.51%)
KSE100 39,871 Decreased By -579.3 (-1.43%)
KSE30 14,898 Decreased By -212.2 (-1.4%)
Follow us

KARACHI: The State Bank of Pakistan (SBP) has allowed financial institutions for filing of appeal within 120 days of imposition of sanctions.

According to a circular issued by SBP, the fresh instruction has been issued for filing appeal against sanctions imposed on violations of Anti-Money Laundering, Combating the Financing of Terrorism & Countering Proliferation Financing (AML/ CFT / CPF) regulations, guidelines or instructions.

As per fresh guidelines, the Regulated Entities (REs) including banks, DFIs and Microfinance Banks, in respect of whom sanctions have been imposed, may file an appeal before the Executive Director Banking Supervision Group of SBP within 120 days of imposition of such sanction. Any appeal filed subsequently will be deemed time barred and thus shall not be considered.

Previously, any request for refund of penalty was allowed to file within maximum 120 days of the date of realisation of penalty amount by SBP.

Copyright Business Recorder, 2021

Comments

Comments are closed.

Violations of AML/ CFT/CPF regulations: FIs allowed to file pleas within 120 days of sanctions

Rupee closes at fresh low of 269.63 against US dollar as the great fall continues

Pakistan facing adverse consequences of Ukraine conflict: FM Bilawal

Islamabad Court sends Fawad to jail on judicial remand

UAE president’s visit to Islamabad postponed over ‘bad weather’

Sheikh Rashid’s Lal Haveli residence sealed over ‘illegal occupation’

Asif Ali Zardari sends legal notice to Imran Khan over ‘assassination’ remarks

KSE-100 falls over 500 points as Peshawar blast weakens sentiment

Inflation to cross 30% as rupee depreciation, petrol prices bite: report

Oil steadies as rate hikes loom, Russian flows stay strong

EAG concerned at ‘inadequate’ SBP response