Page 25 - NIBAF-Training Matters July - December 2022
P. 25

Karachi  from  Nov  21-25,  2022  for
           fifty-one  participants  from  SBP,
           SBP BSC and commercial banks.

                 Programs for
            Exchange Companies


           Exchange  Companies(ECs)  have
           been  an  important  segment  in
           Pakistan’s financial sector and SBP
           continues   to   develop   and
           implement  instructions  for  their
           effective regulation and monitoring
           to ensure stability of forex market.
           Given the different business model
           of  ECs,  NIBAF  has  launched
           various capacity building programs
           for  audit  &  compliance  teams  as
           detailed below.                    Joint  Director,  on  deputation  with   Compliance  and  Internal  Audit
                                              NAB-Lahore,  discussed  various     officials of ECs.  NIBAF Islamabad
             Exchange Companies:              aspects   of   Enhanced   Due       conducted  three  iterations  of  the
                                              Diligence,  customer  risk  profiling,
                                                                                  program at Lahore (September 15-
             Role of Compliance and           red flag indicators and compliance   16,  2022),  Karachi  (October  24-
                 Internal Audit in            with  FATF’s  requirements.  The    25,2022)    and     Islamabad
               implementation and             training  was  attended  by  27     (December  5-6,  2022).  Panel  of
             monitoring of regulatory         participants  from  12  Exchange    trainers  including  Mr.  Raza  Bakir
                                                                                  Shah-Deputy  Director-SBP,  Mr.
                                              Companies.  The  training  was
                     controls                 highly  interactive  with  various   Gulzar  Khan-  Joint  Director-SBP,
                                              practical  issues  and  compliance   Mr.   Muhammad   Rehan-Joint
           NIBAF organized a two-day face-to-  gaps highlighted by participants. A   Director-SBP, Mr. Kamran Khan-Sr.
           face  training  program  for  ECs  at   comprehensive  case  study  was   DCM-SBP BSC Islamabad and Mr.
           Lahore  Campus  from  September    also  conducted  by  participants  to   Muhammad  Ali-Deputy  Director-
           15-16,  2022.  The  objective  of  the   calculate  the  residual  risk  of  their   SBP  delivered  the  training.    Mr.
           program  was  to  enhance  the  skill   respective  institutions.  All  the   Gulzar  Khan  has over  15  years  of
           set  of  the  Internal  Audit  and   participants  appreciated  both  the   diversified  experience  with  SBP
           Compliance  officials  in  areas   content  and  expertise  of  the    particularly  in  the  areas  of  AML-
           including  transaction  monitoring   trainers with suggestion to conduct   CFT-CPF, Risk Based Supervision,
           and  internal  risk  assessment.  Mr.   more trainings in related area.   and Credit Risk Management and is
           Raza Bakir Shah, Deputy Director,                                      currently  on-deputation  with  NAB,
           SBP  with  almost  ten  years  of     Compliance and Audit             Lahore.    Being  a  financial  crime
           experience in on-site inspection of   Functions of Exchange            expert,  he  shared  key  insights  on
           ECs  and  hands-on  experience  in                                     money  laundering  and  effective
           the  formulation  of  Risk  Based           Companies                  controls  for  exchange  companies.
           Rating  Criteria  for  ECs  shared                                     Mr. Raza Bakir and Mr. Muhammad
           important insights on the topic with   SBP   has   issued   various    Rehan were part of the core team
           the  participants.  Mr.  Gulzar  Khan,   instructions  on  strengthening  the   involved in the formulation of Risk-
                                              controls   to   ensure   smooth,    Based Rating Criteria for Exchange
                                                       transparent  and  secure   Companies and hence they shared
                                                       flow of foreign exchange.   the most important risk factors for
                                                       NIBAF      Islamabad       ECs, calculation of internal risk and
                                                       observed  the  need  for   mitigation  strategies.  Mr.  Ali  has
                                                       training  programs  for    over  15  years  of  experience  as  a
                                                       participants    from       Financial   Institutions   Examiner
                                                       Exchange   Companies       involved    with    Exchange
                                                       particularly in the area of   Companies audited with particular
                                                       AML-CFT.   For   this      focus  on  AML-CFT  controls  and
                                                       purpose,  a  completely    has  been  involved  in  inspections
                                                       new  training  program     based  on  collaboration  between
                                                       was    launched   for      SBP   and   Law   enforcement
   20   21   22   23   24   25   26   27   28   29   30