The State Bank of Pakistan (SBP) has asked exchange companies for proper monitoring of operations through CCTV to further strengthen the Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) regime and improve their operational risk management
According to a circular issued by SBP to Chief executives of all exchange companies and exchange companies of B-Category, in order to further strengthen the AML/CFT regime for exchange companies and exchange companies of 'B' category and with a view to further improve their operational risk management, the mechanism for monitoring through Close Circuit Television (CCTV) cameras installed at company outlets is being standardized.
These instructions will be applicable for compliance by all outlets of exchange companies and exchange companies of 'B' Category including head offices, branches, franchises, currency exchange booths and payment booths.
As per SBP directives, each outlet will be equipped with high resolution CCTV cameras having zoom function in order to monitor and clearly capture all activities taking place in the respective outlet. The CCTV cameras will be installed at appropriate locations of each outlet for proper monitoring in such a manner that each area and activity taking place in the outlet must be captured in the recording in particular cash counters, customer area, vault, printers, computer systems, manager cabin etc. Besides, entrance/exit of the outlet shall also be adequately covered.
The arrangement for recording of CCTV will be functional on 24 hours 7 days basis with necessary lighting facility for clarity in video recording. Further, proper electricity back-up shall also be arranged for the purpose and the video recording through CCTV cameras will be preserved for at least two months.
However, in case of any dispute/incident within the business premises, the related recording shall be preserved till the resolution of the matter. However, in case the matter is under investigation or is sub-judice before a court of law, the related recordings shall be preserved for a period as may be required in terms of applicable laws/regulations and/or Court's orders.
The backup of recording will be maintained at an appropriate place in case a company keeps the original recording in the same outlet to avoid loss of recording in case of any untoward incident taking place at the outlet e.g. earthquake, fire breakout etc.
In case of any technical issue in installed CCTV cameras/Digital Video Recording (DVR) system, the same shall immediately be communicated to the Head Office of the company by respective outlet. All correspondence among outlets, Head Office and vendor will be preserved and made available to the State Bank's inspection team for their review during the course of inspection.
According to SBP, the time of CCTV camera and DVR system installed at outlets will be synchronized with the time of the core business application and the staff of the outlets will be provided training to operate CCTV camera/DVR system.
SBP asked Exchange Companies and Exchange Companies of 'B' Category to make necessary arrangements for timely implementation of as these instructions will become effective from January 01, 2019. However, failure to comply with the above instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.
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