KARACHI: The State Bank of Pakistan (SBP) has directed all commercial banks operating as authorised dealers in foreign exchange to integrate their online systems with the Pakistan Single Window (PSW) Price Verification Portal by July 31, 2026, as part of efforts to strengthen controls against trade-based money laundering and terrorist financing.
In a circular issued on Monday, the central bank said the initiative is aimed at enhancing compliance with the price-related due diligence requirements outlined in the Framework for Managing Risks of Trade-Based Money Laundering and Terrorist Financing (TBML&TF).
According to the SBP, the Pakistan Single Window has developed the Price Verification Portal to provide authorised dealers with an additional mechanism for verifying the prices of imported and exported goods involved in international trade transactions.
Additional tool for trade price verification
The central bank noted that authorised dealers already utilise a range of internal and third-party solutions to verify trade prices. However, the PSW portal will serve as a complementary platform to strengthen monitoring and risk management in trade finance activities.
The SBP said the portal is expected to improve the ability of banks to identify discrepancies in trade values and enhance safeguards against trade-based financial crimes.
Independent due diligence remains mandatory
While introducing the new system, the SBP emphasised that banks must continue to conduct independent due diligence and utilise all available information sources when assessing trade transactions.
The central bank clarified that the PSW portal should be used alongside existing verification tools and procedures to ensure compliance with anti-money laundering and counter-terrorist financing (AML/CFT) regulations.
Integration deadline set for July 31
To ensure timely implementation, the SBP instructed authorised dealers to complete the required system development and integrate their platforms with the PSW Price Verification Portal in accordance with the API Integration Document shared by the central bank on April 17, 2026.
Banks have been directed to achieve full operational readiness and complete integration by July 31, 2026.
The central bank warned that non-compliance with the directive may result in regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.
Strengthening financial integrity
The SBP has also instructed banks to circulate the contents of the circular among all relevant departments and stakeholders to ensure strict adherence to the new requirements.
The latest measure forms part of the central bank’s broader strategy to strengthen Pakistan’s financial integrity framework, improve oversight of cross-border trade transactions and reinforce safeguards against trade-based money laundering and terrorist financing.
Financial sector experts say the integration of banking systems with the PSW Price Verification Portal is expected to enhance transparency in trade finance, improve risk assessment capabilities and support Pakistan’s efforts to align with international AML/CFT standards.
