State Bank of Pakistan stops money transfer for Terrorist Activities
Pakistan Times National News Desk

KARACHI: State Bank of Pakistan (SBP) on Saturday directed all the banks and financial institutions to immediately inform the central bank about any suspicious act of transfer of money for terrorist activities or crimes.

According to the SBP circular, all the banks and financial institutions must provide all the details including titles, numbers and the amount transferred if such doubtful transactions were performed.

It was also learnt that the SBP has also amended its various laws to stop money laundering, under which all the necessary documents must be submitted to the banks before opening any new proprietorship accounts.

The banks will now verify the computerize identity card from NADRA to detect any fake identity.●