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

KARACHI: State Bank of Pakistan Governor Dr Reza Baqir chaired a meeting with FIA Director General Sanaullah Abbasi to strengthen and coordinate efforts of the SBP, banks and Federal Investigation Agency (FIA) to fight money laundering, cyber-attacks and online frauds.

The meeting was also attended by the presidents of banks and senior officers of the FIA and the central bank.

The SBP governor emphasised the need for close cooperation among the banks, SBP, and FIA so that white collar crimes are expeditiously investigated and fraudsters are apprehended and prosecuted.

The central bank has taken several measures in recent past to strengthen its work on anti-money laundering (AML), as well as taken regulatory and supervisory measures to improve the banks control to prevent digital and social engineering frauds.

In addition to better controls at the level of financial institutions and enhanced customers awareness, effective investigation and prosecution of criminals is needed to substantially reduce the incidences of money laundering, digital frauds and cyber-attacks.

The FIA team offered support in strengthening cyber-security at the banks and suggested them to carry out information security audit of their systems.

Welcoming the suggestion, the SBP said as per the existing regulations, the banks are required to regularly carry out their information system audit and penetration testing; however, it would be reemphasised to the industry through the Pakistan Banks’ Association.

The meeting identified key follow up areas and associated timelines for strengthening cooperation between the SBP, FIA, and the banks in these areas.

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