*ISLAMABAD:* The country has been unable to effectively regulate mobilewallet accounts as the Financial Action Task Force (FATF) has expressedconcern over alleged violations of the counter-terrorism financing regimecommitted by the country’s financial institutions.
Transactions concerning mobile wallets are not completely regulated by theState Bank of Pakistan (SBP) because the country’s four telecom companiesare regulated by the Pakistan Telecommunication Authority (PTA).
Last year, the SBP had issued directives to all financial institutionsasking them to strictly implement AML-CFT controls pertaining to thedetermination of transactions.
Pakistan was placed on the FATF Grey List and the country was given a26-pint action plan to follow if it wanted to come out of the list.