The State Bank of Pakistan (SBP) has announced to extend the timeline for implementation of Compliance Risk Management (CRM) guidelines. According to SBP BPRD Circular Letter No. 04 of 2018, based on the feedback received from Financial Institutions (FI), it has been decided to extend the timeline for implementation of Compliance Risk Management (CRM) guidelines by six months.
Now, CRM guidelines will be implemented from June 30, 2018 instead of December 31, 2017. Consequently, the timelines for putting in place an automated compliance system is also being extended from June 30, 2018 to September 30, 2018.
In addition to the role & responsibilities of CCO as mentioned in section 4 (C) of CRM guidelines, the CCO will also be responsible to inform SBP, on immediate basis, of any information regarding the FI that is of some regulatory interest, including but not limited to resignation of key executive(s), any rumours about FI on social media, major frauds, major litigation matters, any investigation(s) by law enforcement agency (ies) etc.