BOP has signed an agreement with M/s IHS Markit Trade for the implementation of IHS Maritime & Trade Products Solution for price verification of import & export commodities, checking of voyage, and dual usage goods.
This capability will enable bank to manage international trade business, in line with applicable regulatory framework for managing Money Laundering, Terrorist Financing & Proliferation Financing risk in foreign trade based transactions. The signing ceremony was held at BOP Head Office, Lahore.
Speaking on the occasion, Mr. Waqas Mahmood (Chief Compliance Officer of BOP) reaffirmed bank’s vision to continuously strengthen compliance & controls environment in the bank.
He added that by signing this implementation agreement, the bank has achieved another milestone and has moved a step further to be fully compliant with applicable regulatory requirements and industry best practices.
He further talked about the importance of automated solution for price verification, vessel tracking and identification of dual usage goods in mitigating ML/TF risks involved in Trade transactions.
He also mentioned that BOP is proud to collaborate with M/s. IHS Markit Trade, a Singapore based company which is globally renowned for providing this automated solution.
Finally, he expressed his gratitude towards BOP’s Board of Directors and President/CEO for their patronage and allocation of resources to have robust technologies and tools to strengthen controls environment in the bank.
Mr. Khalid Mahmood, the representative of M/s. IHS Markit Trade in Pakistan congratulated BOP for being the first Pakistani Bank, which has acquired complete solution for price verification, vessel tracking and checking of dual usage of goods in trade transactions.
He shared that IHS Markit is a Singapore based company having its headquarters in London, and is recognized as a leader in providing maritime and trade products solution.
He reaffirmed that this implementation will bring more effectiveness in trade monitoring processes of BOP so as to effectively mitigate TBML risks.
He also mentioned that the implementation of this technology-based solution will enable the bank to manage increasing volumes of trade transactions, and will enhance the confidence of bank’s customers & correspondents across the globe. This will further augment the bank’s business and growth in trade business.