Pakistan Post directed to stop opening new savings accounts

ISLAMABAD: In order to comply with the requirements of the Financial Action Task Force (FATF), a supervisory board has directed the Pakistan Post to stop opening new saving accounts or issuing any kind of saving certificates from November 16, 2020, sources told Profit.

A meeting of the board was held at the Ministry of Communications to discuss Pakistan Post’s compliance with FATF guidelines against money laundering and terror financing. The board expressed displeasure over the Pakistan Post’s performance in this regard, and directed it to stop opening new saving accounts and issuance of all kinds of saving certificates on its business counters until further notice.

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