PUBLIC NOTICE

Public Awareness on Parallel Banking Frauds

Parallel banking, in simple terms, is an act of doing an illegal banking transactions and keeping the transaction outside the books of bank’s account. Parallel banking frauds are often performed by bank employees and these can harm customer and pose significant risk for them i.e. affecting their finances, personal data etc. While State Bank of Pakistan and all commercial banks have taken significant measures to mitigate the risk of Parallel Banking Frauds, it is reiterated to general public to ensure adopting following measures while performing transactions or dealing with bank staff:

1. The depositor of cash/instrument shall ensure that the teller (bank staff accepting cash/instrument deposit) has handed over the copy of deposit slip with electronically endorsed stamp on it with correct credentials including account number, title, amount, instrument number etc.

2. The account holders shall review their statement of accounts on a regular / periodic basis to ensure that each and every deposit amount is properly reflected in their statement of account on same date when the deposit was actually made and not on any later date. In case of any discrepancy, the account holder shall report the same to Manager Operations / Team Leader / Head of Branch and not to any junior level staff in the branch.

3. The customers should keep his personal information confidential and avoid sharing information related to any long absence or visits abroad from the city with anyone in the branch. The teller/branch staff may take any undue advantage of customer’s absence and may attempt to do any illegal activity / transaction.

4. Always perform cash related activity at cash counter and avoid receipt or delivery of cash at areas other than cash counters. Always count your cash before leaving counters and ensure that teller has count the deposited cash in your presence

In case of any abnormal activity, been noticed, by customer / account holder:

• Immediately communicate the same to Manager Operation / Team Leader of branch, preferably in writing explaining the cause of concern and detail of event / transaction.

• Customer can also refer to bank’s “Whistle Blowing” policy and can blow the whistle in case of any abnormal circumstances observed by him/her. (Whistle Blowing Procedures of bank are attached at Notice board and are available at website of bank)

• Provide maximum related documents to concerned Operation Manager / Team Leader of branch