Rules for payment system: SBP tells PSOs, PSPs to submit revised FPT information

The State Bank of Pakistan (SBP) Friday advised all Payment System Operators and Payment Service Providers (PSOs/PSPs) to submit fresh Fit & Proper Test (FPT) information to SBP under the procedure laid down in the rules. According to a circular issued here, State Bank, from time to time, has been issuing instructions to strengthen the FPT criteria in view of the potential risks arising from money laundering, terrorism financing and proliferation financing.
It is therefore imperative that any person(s) linked to any criminal activities or affiliated with any terrorist organizations shall not become part of financial institutions as well as Payment System Operators and Payment Service Providers (PSOs/PSPs).
In this regard, the SBP has advised all PSOs/PSPs to submit revised FPT questionnaire and declaration to SBP under the procedure laid down in the Rules. The FPT is continuous in nature therefore any subsequent change in this regard will be immediately disclosed to the concerned quarters and authorities including SBP.
Moreover, any person subject to FPT will become disqualified if he/she is found to be designated/proscribed or associated directly or indirectly with designated/proscribed entities/persons under the United Nations Security Council Resolution or Anti-Terrorism Act 1997.