LexisNexis Risk Solutions successfully held a briefing in Karachi titled “Navigating the Financial Crime Compliance Landscape in Pakistan.” The event, held at PC Hotel, brought together senior compliance professionals from the banking, non-banking financial institutions (NBFIs), and fintech sectors.
This event marked the first for the newly appointed Country Manager of Pakistan, who expressed gratitude to all attendees and collaborators. The briefing featured international participation with Nick Wilson, VP, traveling from Singapore and Zeb Khan joining from the UK.
The event focused on the evolving financial crime compliance landscape and the challenges faced by organizations in Pakistan. Discussions covered best practices in compliance, updates on the ISO 20022 standard, and the impact of automation and technology on transaction screening. A key takeaway was how technology can help reduce false positives and support risk-based AML/CFT strategies.
With Pakistan’s increasing digitalization, the risk of fraud also rises. The briefing explored the convergence of technology and risk management to address compliance obligations and mitigate fraud risks. The “FRAML approach,” which combines fraud and financial crime compliance, was a central theme.
A highlight of the event was a panel discussion featuring Chief Compliance Officers from prominent Pakistani banks like United Bank Limited, JS Bank, Faysal Bank Limited, and Askari Bank. Moderated by Zeb Khan, the discussion emphasized the importance of adhering to AML/CFT regulations set by the State Bank of Pakistan (SBP) and FATF. Additionally, panelists stressed the significance of training, robust KYC/AML checks, and leveraging technologies like cloud solutions to facilitate onboarding while maintaining compliance.
The event also featured updates on the regulatory landscape from the Securities and Exchange Commission of Pakistan (SECP) and the latest Transaction Monitoring trends aligned with SBP requirements.
LexisNexis Risk Solutions extends its gratitude to all participants, panelists, supporting partners Techlogix and Dellsons Associates, and relevant government agencies like the Financial Monitoring Unit, National Accountability Bureau, and Mutual Funds Association of Pakistan for contributing to the success of the event.
