04-14-2007, 04:47 AM
(Source The News)
American (US/USA) banks have warned in writing to Pakistani banks that any transfer of funds for the purpose of terror financing or fake or forged transactions will be directly deducted from the accounts of Pakistani banks.
Since 9/11, the American regulators were taking a lenient view of Pakistani banks and asking for putting safeguards with regard to alleged transfer of funds for terror financing or fake or forged transactions.
A message sent through proper channels to Pakistani banks said âPlease be advised that local (American) laws provide unlimited recourse period to banks, for return of checks, monetary instruments which are found to be fraudulent or forged.â
As such a cheque, the procedure of which may have already been credited to your account after the regular recourse period of 21 days may still be returned by the drawee bank, if fraud or forgery is detected.â
Consequently, upon receipt of returned cheque advice from the clearing bank, we shall immediately debit your account for the amounts credited towards payment of such forged or fraudulent cheques, monetary instruments together with any charges involved, under Swift, e-mail advice to you.â
The message said the âoriginal returned cheque will be sent to you by courier services, as soon as it is received by us.â
Sources said although the central bank is trying hard to install safeguards and filters on the handling of remittances sent by Pakistanis settled in USA but with the massive usage of technology, the unscrupulous elements are still busy in allegedly illegal handling of finances.
Sources said this final warning of American regulators would put additional pressure on Pakistani regulators to add more security features in remittance handling.
American (US/USA) banks have warned in writing to Pakistani banks that any transfer of funds for the purpose of terror financing or fake or forged transactions will be directly deducted from the accounts of Pakistani banks.
Since 9/11, the American regulators were taking a lenient view of Pakistani banks and asking for putting safeguards with regard to alleged transfer of funds for terror financing or fake or forged transactions.
A message sent through proper channels to Pakistani banks said âPlease be advised that local (American) laws provide unlimited recourse period to banks, for return of checks, monetary instruments which are found to be fraudulent or forged.â
As such a cheque, the procedure of which may have already been credited to your account after the regular recourse period of 21 days may still be returned by the drawee bank, if fraud or forgery is detected.â
Consequently, upon receipt of returned cheque advice from the clearing bank, we shall immediately debit your account for the amounts credited towards payment of such forged or fraudulent cheques, monetary instruments together with any charges involved, under Swift, e-mail advice to you.â
The message said the âoriginal returned cheque will be sent to you by courier services, as soon as it is received by us.â
Sources said although the central bank is trying hard to install safeguards and filters on the handling of remittances sent by Pakistanis settled in USA but with the massive usage of technology, the unscrupulous elements are still busy in allegedly illegal handling of finances.
Sources said this final warning of American regulators would put additional pressure on Pakistani regulators to add more security features in remittance handling.
