October 7, 2003	Tuesday	Sha’aban 10, 1424

KARACHI, Oct 6: The Pakistan Banks Association (PBA) has circulated a 26-page ‘code of ethics’ guideline to all banks laying more stress on ways and means to prevent money laundering.

Since 1997, the PBA office-bearers have been engaged by the State Bank of Pakistan to help bring reforms in the banking sector and improve the behaviour of the financial institutions.

The code of ethics include that for employees of banks, practice for personal customers, business customers, practice of banks on competition, and general principles of banking.

The PBA’s last chapter of guideline is about ‘money laundering’ that calls upon the banks to appoint money laundering reporting officer (MLRO).

It says: “A bank must set up and operate arrangements, including the appointment of an MLRO in accordance, which are designed to ensure that it, and any appointed representatives that act on its behalf, are able to comply, and do comply, with the rules.”—APP