This screams about the incompetency of regulators in the country and what the institutions make of their policies.
We, Pakistanis, are suffering due to following the outdated model of regulatory compliance. Despite having the tools we are unable to capitalize on our resources.
Four years ago when I was in the initial stages of co-founding Programmers force, Pakistan’s first AI firm, digital banking at that time was next to none. Pakistan has internet data packages.
Terrorism and the ongoing war on terror have become popular concepts in Pakistan, costing the economy even more than its current GDP, in terms of lost lives and infrastructure. One of the most disturbing consequences is the impact on institutions, with the State Bank of Pakistan (SBP) being one of the leading examples. Ever since, FATF has expanded its domain to curbing anti-terrorist financing and money laundering.