Page 23 - NIBAF-Training Matters January-March 2021

and potential implications of adopting the new different parties when processing different
standard for financial institutions. categories of negotiable instruments, different
scenarios of payment against cheques including
Keeping in view the stakes involved for non-
compliance to AML/CFT regulatory framework, paying a cheque with forged signature, instances
both on the national and institution level, two when should a banker refuse payment of cheque,
different iterations on the subject were conducted in Returning of unpaid cheque and legal implications
March 2021. A comprehensive two days training for wrongful dishonoring of cheque.
was conducted F2F on March 9-10, 2021 by Mr.
Shahid Iqbal- Ex Subject Specialist NIBAF for
compliance officers and branch banking officers in
Karachi. This session focused on the Regulatory
Regime & Legal Requirements to meet International
Obligations under FATF Standards, Pakistan’s
Initiatives , Anti-Money Laundering Act 2010
including recent amendments and obligations of
reporting entities, guidelines on situations indicating
possible proliferation financing , techniques to
disguise the true ownership of funds , discussion on
red flags of money laundering, compliance
Requirements for financial institutions combating the
financing of terrorism and related sanctions,
selected sections of Anti-Terrorism Act,
working/role of FMU and use of GoAML for
reporting suspicious transactions to FMU.

The second iteration of the program was conducted
for the country-wide audience online by Mr. Kamran
Hyder, Joint Director, SBP on March 31, 2021 and
covered important topics like ML/TF and its
consequences for financial institutions, FATF
Methodology to assess the countries Status of
Pakistan , Risk Assessment and results of Pakistan
Assessments, amendments in AML Act, Regulations on
AML/CFT/CPF R-1 to R-15, Sanctions and Targeted
Financial Sanctions (TFS) and the requirements for
Financial Institutions to implement the TFS.

As a large chunk of banking transactions still remains
paper-based, a F2F session was conducted on the NIBAF - Lahore
“Negotiable Instruments Act, 1881” on March 11,
2021 in Karachi to apprise the branch banking During the Jan-March quarter, NIBAF-Lahore
officers of the legal position of paying and campus launched five new programs on different
collecting bankers while dealing a negotiable areas for banking professionals.
instrument. Mr. Shahid Iqbal, Ex- Subject Specialist- As SBP has been promoting access to financial
NIBAF discussed the rights and obligations of services in the country through use of alternate

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