KARACHI: The State Bank of Pakistan (SBP) has advised the exchange companies to ensure continuous 24/7 recording at their premises, even if no movement takes place at their outlets and must maintain CCTV recordings for the specified period.
As per SBP’s previous directives, Exchange Companies (ECs) and Exchange Companies of ‘B’ Category (ECs-B) are required to ensure functioning of CCTV at all times (ie, 24 hours a day and 7 days a week) and preservation of video recording for a minimum period of six months or until inspection of the company by the SBP, whichever is earlier.
In this backdrop, the SBP has observed that some ECs/ECs-B are not adhering to aforesaid instructions related to preservation period.
Besides, it has also been noticed that a few of them are using motion sensor cameras that only capture CCTV recording upon sensing movement in the vicinity.
According to the SBP, such practice by ECs/ECs-B contradicts the regulatory instructions of continuous recording of CCTV footage and provides a cushion to the unscrupulous elements to use such technology to avoid capture of activities at the outlets.
In view of the foregoing, the SBP has advised the ECs/ECs-B to ensure compliance with the aforesaid instructions of continuous recording at their premises (24/7) without fail, even if no movement takes place at their outlets, and mandatorily maintaining CCTV recordings for the specified period.
Exchange companies have also been asked to ensure that all vantage points are covered through CCTV cameras and their recordings are clearly visible.
In case of non-compliance of the above instructions, the SBP shall initiate pecuniary and/or administrative action(s) against the delinquent ECs/ECs-B, under the relevant provisions of the Foreign Exchange Regulation Act, 1947, the SBP warned.
Copyright Business Recorder, 2023
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