ISLAMABAD: The government has tightened the monitoring of investors of National Savings in order to comply with conditions of Financial Action Task Force (FATF) and prevent transactions related to money laundering and terror financing.
As per details, the Central Directorate of National Savings (CDNS) has prepared a comprehensive plan to examine the customers and issued instructions to all its regional offices in the country.
The plan has been prepared by the National Savings AML & CFT Supervisory Board in consultation with the Financial Monitoring Unit (FMU).
Under the plan, offices of the national savings have been advised to follow the guidelines in examining and monitoring the customs of saving certificates and prize bonds.
All those customers will be examined whose overall investment quantum, account balance or transactional activity is not in line with their businesses, known means or stated purpose of products.
The authorities have also issued red flags for transactional patterns related to all products, including certificates, accounts and prize bonds.