KARACHI: The Pakistan Single Window (PSW) has launched a price verification portal to strengthen banks’ compliance with price-related due diligence requirements under the State Bank of Pakistan’s (SBP) Framework for Managing Risks of Trade-Based Money Laundering and Terrorist Financing (TBML&TF).
The initiative is aimed at improving the verification of import and export prices by the banks, enhancing transparency in cross-border trade transactions, and strengthening the banking sector’s ability to detect and curb illicit financial flows through the banking system.
“With a view to strengthening Authorised Dealers’ compliance with the price related due diligence requirements prescribed under SBP’s Framework for TBML&TF, the PSW has developed a price verification portal,” a circular issued by the SBP said.
According to SBP, while Authorised Dealers (banks) are already utilising various in-house and third-party price verification tools, the Portal will serve as an additional facility to supplement existing price verification mechanisms and to further strengthen trade-related AML/CFT controls.
Authorised Dealers have been directed to exercise due diligence and may rely on all available tools and information services, including the PWC portal, to ensure compliance with the legal and regulatory obligations under the prevailing AML/CFT laws and regulations.
The SBP has also advised the Authorised Dealers to undertake the requisite system development, ensure integration with the Portal in accordance with PSW’s API Integration Document already shared by SBP on April 17, 2026, and attain operational readiness by July 31, 2026.
Non-compliance with the aforesaid instructions may render the delinquent Authorised Dealers liable to regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.
SBP has advised the banks to bring the contents of this circular to the notice of all their constituents for meticulous compliance.
Copyright Business Recorder, 2026