SBP withdraws self-assessment program for clean note policy

November 07, 2024 (MLN): The State Bank of Pakistan (SBP) has withdrawn its instructions regarding the self-assessment compliance program for the Clean Note Policy (CNP) by commercial banks.

The central bank has also removed the requirement for Chief Compliance Officers of banks to issue a certificate in the standard format regarding the implementation of the Clean Note Policy in letter and spirit.

Previously, banks were required to submit this compliance certificate annually, within fifteen (15) days from the commencement of each calendar year, to the Director of the Currency Management Department, State Bank of Pakistan, Banking Services Corporation, Head Office, Karachi.

These instructions were issued by the central bank in BPRD Circular No. 01 of 2010, dated January 5, 2010, on the Implementation of the Clean Note Policy by Banks.

The central bank further noted that other instructions issued by the State Bank of Pakistan on the subject, from time to time, will remain applicable.

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