State Bank of Pakistan (SBP) on Monday issued a notification here taking tougher measures to monitor money laundering system and to discourage money transaction relating to terrorism.
According to notification, Central bank issued local banks special directives to be watchful of identity of clients before depositing and transecting money from their accounts.
Banks must ask for details over purpose of utilization of money for transaction over Rs.10,00,000 and for opening a proprietorship account, it added.
This is a stepping up measure against money laundering and issues relating to terrorism.
Source: Geo TV
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