SBP raises currency transaction reporting threshold to Rs3 million

The State Bank of Pakistan has raised the minimum amount for mandatory Currency Transaction Reports to Rs3 million from Rs2 million, with immediate effect. The revised threshold applies to currency transactions reported to the Financial Monitoring Unit under the Anti-Money Laundering Act, 2010.

The Finance Ministry notified the new threshold on November 11 under the law, amending a Finance Division notification issued on January 21, 2015. The SBP issued instructions to banks and other regulated entities to comply with the revised reporting requirement.

Currency Transaction Reports must be filed with the Financial Monitoring Unit immediately and no later than seven working days after the transaction. The SBP has said that complete, accurate and updated information in reports filed by regulated entities is essential to producing financial intelligence reports.

Regulated financial institutions are also required to retain transaction records and reports filed with the Financial Monitoring Unit for at least 10 years from completion of a transaction.