SBP advices Commercial Banks to implement 'Due Diligence' rules of NSS investors

September 18, 2020 (MLN): The State Bank of Pakistan (SBP) has notified that the National Savings Schemes (AML & CFT) Rules, 2019 promulgated by the Ministry of Finance on January 23, 2020 are also applicable on the commercial banks.

As according to the sub-rule (3) of Rule 1 of the aforementioned rules in which it is stated that “these rules would apply to all offices and individuals responsible for the issuance, management, marketing, registration, replacement, sale and discharge of the instruments issued by and the accounts opened at and maintained with the National Savings Centers, Pakistan Post and any other office designated as offices of issue.”

Therefore, in the light of the cited rule, the said Rules are also applicable on the commercial banks as commercial banks are performing functions of Sale, Encashment, Profit payment etc. of various National Savings Schemes (NSS) such as Prize Bonds, SSC and DSC, the notification said.

Furthermore, SBP advised commercial banks to ensure implementation of and compliance with the NSS (AML&CFT) Rules, 2019 and arrange for necessary dissemination to the concerned officials and branches.

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