In accordance with a press release issued by the central financial institution, a gathering was held below the chairmanship of Baqir to strengthen coordination towards cash laundering, digital fraud and cyber assaults.
Officers current throughout the assembly have been knowledgeable that the SBP has taken a number of measures within the current previous to strengthen its work on Anti-money Laundering (AML) in addition to taken regulatory and supervisory measures to enhance financial institution controls to stop digital and social engineering frauds.
Throughout the assembly, it was determined that along with having higher management on the stage of monetary establishments and enhanced buyer consciousness, efficient investigation and prosecution of criminals is required to considerably scale back the incidence of cash laundering, digital fraud and cyber assaults.
“The FIA group supplied assist in strengthening cyber safety at banks and urged banks perform Data Safety (IS) audit of their programs,” the assertion learn.
Welcoming the suggestion, the SBP famous that as per current laws, banks are required to usually perform an data programs audit and penetration testing: nonetheless, the identical could be reemphasised to the business via PBA.