ADs should not be required to satisfy themselves about the bona fides of the transaction and the correctness of their clients’ statements/documents submitted to SBP for approval
Reform ID		F522
Description		When ADs submitted FX transaction cases to the SBP for approval on behalf of their clients, they were required under the Foreign Exchange Manual (Chapter 1, Section 5(iii)) to independently satisfy themselves about the bona fides of the transaction, the beneficial ownership of the applicant, and the correctness of all submitted documents. This duplicated work that SBP itself was supposed to perform, created legal exposure for banks, and slowed down legitimate FX approvals.
Department		State Bank of Pakistan - SBP
Jurisdiction / Location		Federal - Entire Pakistan
Sector		All Sectors
Start Date
Target Deadline		15-04-2026
Date Enacted
Implementation Status		In Progress
Progress		0%
CCORR Direction
Cost Savings PKR (Mil.)
Evidence