New Database Developed to Help Pakistan Out of FATF Grey List
Pakistani banks and other financial institutions have been utilizing a politically exposed persons (PEP) database to combat corruption and money laundering for the past month. First Paramount Modaraba built the database to help Pakistan comply with Financial Action Task Force standards (FATF).
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All financial institutions are mandated by the government to monitor individuals through this database. These are all Pakistani banks and all public and private financial organizations. The database contains individuals in politically influential positions who may be implicated in corruption and money laundering.
The organization has organized the database in accordance with FATF recommendations. Additionally, frequent database changes are performed.
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This database will also aid in overcoming the FATF’s six recent additional Anti-Money Laundering/ Financial Terrorism (AML/CFT) deviations. The AML check utilized by FPM conforms to FATF standards, and the technology employed is a global leader in AML screening. According to reliable sources, this is the sole domestic cloud facility in Pakistan that provides PEP screening services.
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