SBP raises cash transaction reporting threshold by 50% to Rs3 million

The State Bank of Pakistan has raised the cash-transaction level that triggers mandatory reporting from Rs2 million to Rs3 million, a 50% increase. Profit by Pakistan Today reported that banks and other regulated entities must follow the new requirement immediately, following the ministry’s notification on November 11 and an SBP circular issued on November 12.

The revised minimum applies to currency transaction reports sent to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010. The government approved the higher threshold last month through the National Executive Committee on Anti-Money Laundering and Countering the Financing of Terrorism; the change does not cap the amount of cash transactions that are permitted.