SBP further extends implementation timeline

RECORDER REPORT

KARACHI: The State Bank of Pakistan (SBP) Monday announced further extension in the timeline for implementation of Compliance Risk Management (CRM) guidelines.

On the feedback received from Financial Institutions (FI), the SBP has decided to extend the timeline for implementation of Compliance Risk Management guidelines by three months.

According to BPRD Circular Letter No. 19 of 2018, timeline for implementation of CRM guidelines has been extended from June 30, 2018 to December 31, 2018. Consequently, the timeline for implementing a system for CRM is being extended from September 30, 2018 to March 31, 2019.

Previously, the date was extended from Dec 2017 to June 2018 to facilitate the banks. All other instructions on the subject shall, however, remain unchanged, the circular said.