The State Bank of Pakistan (SBP) has extended the timeline for implementation of certain requirements of the guidelines on Compliance Risk Management (CRM).

According to a circular issued by the SBP, based on the representation of the banking industry, it has been decided to extend the timeline for implementation of certain requirements of the guidelines and now banks are required to implement guidelines relating to Regulatory Repository/RCSA/KRIs by April 2020.

In addition, all banks/DFIs/MFBs can ensure compliance on Risk Management System by March 2020, while all other instructions will, however, remain unchanged, the central bank said.