Karachi: The Executive Director, State Bank of Pakistan (SBP), Kazi Abdul Muktadir has stressed upon the exchange companies (ECs) to strengthen their compliance culture and ensure adherence to the prescribed rules and regulations of the central bank.
Inaugurating an awareness program on Corporate Governance for the Board of Directors and Chief Executive Officers (CEOs) of exchange companies having head offices in Islamabad region at SBP Rawalpindi Office, he expressed the hope that this program will go a long way towards capacity building of exchange companies and enhances their effectiveness as well as credibility.
Kazi also briefed the participants about the background under which the exchange companies were established and opportunities available for them to graduate towards larger sized companies.
Shaukat Zaman, the Director, DFIs & Exchange Companies Inspection Department (DFIs & ECID) gave a presentation on Corporate Governance, Internal Controls, and Management Information System (MIS) highlighting the best practices, issues raised by inspection teams. He also explained how the ECs can bring improvements in these areas.
Senior officers of Offsite Supervision & Enforcement Department (OSED) of SBP and Financial Monitoring Unit (FMU) gave presentations on enforcement Issues and suspicious transaction reporting and cash transaction reporting requirements.
More than 30 directors and CEOs of ECs of both A and B category representing11 companies participated in the program.