The State Bank of Pakistan issued a set of rules for financial institutions to identify possible doubtful transactions related to money laundering or financing of terrorism, The News International reported Dec. 23.
The central bank directed banks to closely scrutinize transactions without any logical business or other economic sense. Deposits that are immediately withdrawn after the transaction will also be monitored.
The central bank also asked financial institutions to strictly monitor transactions involving large amounts of cash. In addition, banks were directed to keep track of transactions involving foreign currency exchanges and deposits that are followed by wire transfers to suspicious locations.