SBP, FIA discuss measures to fight cyber-attacks, frauds

KARACHI: State Financial institution of Pakistan Governor Dr Reza Baqir chaired a gathering with FIA Director Normal Sanaullah Abbasi to strengthen and coordinate efforts of the SBP, banks and Federal Investigation Company (FIA) to combat cash laundering, cyber-attacks and on-line frauds.

The assembly was additionally attended by the presidents of banks and senior officers of the FIA and the central financial institution.

The SBP governor emphasised the necessity for shut cooperation among the many banks, SBP, and FIA in order that white collar crimes are expeditiously investigated and fraudsters are apprehended and prosecuted.

The central financial institution has taken a number of measures in latest previous to strengthen its work on anti-money laundering (AML), in addition to taken regulatory and supervisory measures to enhance the banks management to stop digital and social engineering frauds.

Along with higher controls on the stage of monetary establishments and enhanced prospects consciousness, efficient investigation and prosecution of criminals is required to considerably cut back the incidences of cash laundering, digital frauds and cyber-attacks.

The FIA group provided assist in strengthening cyber-security on the banks and instructed them to hold out data safety audit of their programs.

Welcoming the suggestion, the SBP mentioned as per the present laws, the banks are required to usually perform their data system audit and penetration testing; nonetheless, it might be reemphasised to the business by way of the Pakistan Banks’ Affiliation.

The assembly recognized key observe up areas and related timelines for strengthening cooperation between the SBP, FIA, and the banks in these areas.

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