Forex operations: SBP to put in place automated 'RAS' for banks

The State Bank of Pakistan (SBP) has decided to fully implement automated Regulatory Approvals System (RAS) and accordingly banks have been directed to submit cases related to Foreign Exchange Operations Department (FEOD) and Exchange Policy Department (EPD) through RAS with effect from March 24, 2020.
In pursuance of its strategic goal to strengthen organizational efficiency and effectiveness, the State Bank has developed the RAS, which provides an online platform to Authorized Dealers (ADs) in foreign exchange to interact with the regulator for submission of cases and receive regulatory decisions there against.
In the first instance, the functions of FEOD, SBP Banking Service Corporation (SBP-BSC) were automated through RAS, which is currently running in parallel with manual submission of cases by ADs. After successful completion of parallel run, it has been decided to abolish submission of manual cases with effect from March 24, 2020.
On the similar lines, the functions of EPD have also been automated, and it has been decided that ADs will, with effect from March 24, 2020, submit all cases pertaining to functions of EPD through RAS in addition to the manual submission of cases through surface mail till further instructions.
In order to facilitate users, SBP has also created a service desk, where ADs can lodge their complaints in relation to business and technical aspect of RAS for EPD and FEOD.
With a view to ensuring standardization of the case submission, ADs have been asked to forward all cases on prescribed forms along with their covering letter and specific recommendations. The cover letter will be signed by two authorized officers of an AD; one of them must be the respective Departmental/Business/Group Head.
Further, the cases will be duly supported by required documents, which are attested by the authorized officials of AD who shall affix his/her rubber stamp and signature thereon as a token of having examined the documents and satisfied him/herself to the best of his/her knowledge and belief about the genuineness of the documents.
It will be the responsibility of ADs to carry out necessary due diligence and satisfy themselves about the bona fides of the applicants, beneficiary and other related parties as required under relevant Anti Money Laundering, Combating Financing of Terrorism and Foreign Exchange laws, rules and regulations.
ADs have been directed to submit the cases after detailed scrutiny of the underlying transaction(s), allied document(s), and ensure their correctness and genuineness. The ADs will also be responsible to provide a brief on the underlying request concluding with specific recommendation on their cover letter while forwarding the cases.
ADs will be required to immediately communicate the decision received through RAS to its customers and shall solely be responsible for any financial or legal consequences arising out of delayed communication of decision to the customer.
The SBP has also directed ADs to submit all time sensitive cases such as Government Subsidy Schemes etc. instantly to avoid system congestion and they shall solely be responsible for any financial or legal consequences arising out of delayed submission of cases.
The cases submitted with incomplete documents or without the procedure described in User Manual will not be attended and will be returned to the respective AD and ADs will solely be responsible for any financial or legal consequences due to delay in this regard.