LAHORE, Oct 09 (APP):The Pakistan Single Window (PSW) has partnered with Fintech Transformation Services (Private) Limited (FTSL) to introduce a new digital solution aimed at improving price verification for imported and exported goods.
This collaboration will strengthen the ability of commercial banks in Pakistan to comply with the State Bank of Pakistan’s Framework for Managing Risks of Trade-Based Money Laundering (TBML) and Terrorist Financing (TF), said a press release issued here on Wednesday.
The new solution enhances banks’ price assessment processes using advanced data analytics based on national and international trade data. This aligns with the SBP’s emphasis on technology-driven measures to mitigate money laundering and financing risks.
The PSW, leveraging its extensive cross-border trade data repository, aims to support financial institutions with enhanced analytical capabilities through its upgraded Trade Compliance Navigator (TCN). This automated tool improves transparency and efficiency in trade transactions, ultimately reducing TBML risks.
Syed Aftab Haider, Chief Executive Officer (CEO) of PSW, highlighted the significance of this collaboration in modernising Pakistan’s trade infrastructure, emphasizing the commitment to fostering a transparent trading environment. Nasir Qureshi, CEO of FTSL, echoed this sentiment, noting the partnership’s alignment with international best practices in combating financial crime.
The TCN solution also integrates with external sources, including S&P Global, utilizing Robotic Process Automation (RPA) for robust compliance capabilities. FTSL, based in Karachi, specializes in technology solutions for the financial sector, ensuring that this initiative meets stringent compliance standards.
