ISLAMABAD: The State Bank of Pakistan (SBP) said on Wednesday that commercial banks might be misusing the term ‘politically exposed persons’ (PEPs) to obstruct the process of providing financial services to citizens. An State Bank of Pakistan team, led by deputy governor Saeed Ahmed, testifying before the Senate Standing Committee on Finance and Revenue — headed by Salim H. Mandviwala said that under SBP rules, PEPs included heads of state or government; senior politicians; senior government, judicial or military officials; senior executives of state-owned entities; and senior tax and audit officers. Senators had expressed concerns that banks were discriminating against politicians and their...
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