Forex firms asked to monitor outlets

KARACHI: The State Bank of Pakistan (SBP) on Wednesday instructed exchange companies to ensure vigilant monitoring of all activities taking place in their outlets through cameras to further improve operational risk management.

The mechanism for monitoring through close circuit television (CCTV) cameras installed at the exchange companies’ outlets is being standardised in order to strengthen the anti-money laundering and combating terrorism financing regime for the exchange houses, it added.

“The CCTV cameras shall be installed at appropriate locations of each outlet for proper monitoring in such a manner that each area and activity taking place in the outlet must be captured in the recording, in particular, cash counters, customer area, vault, printers, computer systems, manager cabin, etc,” the SBP said in a circular. Besides, entrance / exit of the outlet should also be adequately covered, it added. The central bank said these instructions will become effective from January.