Design of anti-money laundering technology, ready to use soon - MOIT Pakistan

MOIT Feb 03, 2020

The National Information Technology Board has taken a big step to curb money laundering and has designed an anti-money laundering technology that will begin to be used in a few weeks.

Syed Shabbat Ali, chief executive of the National Information Technology Board, told SaaS correspondent Zaheer Ali in an interview that digital lockers are being introduced to protect citizens' documents from tampering. Technology design testing will begin in a few weeks.

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He said revenue departments would be linked to business centers and banks and there would be no work manual in federal agencies.

The head of the National Information Technology Board said that by creating alternative apps for WhatsApp, Facebook, Twitter and YouTube, government employees would be obliged to share data on new government apps.

Syed Shabbat Ali said that social media messaging apps were not being hosted from abroad, would be made digital by June, and the digital document would be a government stamp and digital payment gateway by April 2020.

Syed Shabbat Ali further said that the key to digital gateways for cashless economics would be online access to the global market, registration of vehicles, FIRs, marriages will be registered online.

Blockchain for AML Transaction Monitoring Structure:

A blockchain-based AML platform makes it possible for regulatory authorities, risk officers, auditors and other relevant stakeholders to monitor complex transactions in an automated and effective manner, as well as immutably record audit trails of suspicious transactions across the system.

Anti-money laundering and counter-terrorist financing measures: Pakistan

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