The National Institute of Banking and Finance (NIBAF) conducted a one-day specialized training session on September 5, 2025, at its Karachi campus, focusing on compliance strategies, risk reduction, and regulatory adherence under Section 23K of the Foreign Exchange Regulation Act (FERA). The program was aimed at equipping officers from commercial banks with practical knowledge and tools to navigate compliance frameworks more effectively in a highly regulated financial environment.
The training was led by Mr. Muhammad Akram Zaki, a seasoned trainer with deep expertise in regulatory frameworks and compliance management. He guided participants through the intricacies of Section 23K, emphasizing its implications for financial institutions and the importance of developing systems that minimize risks while maintaining strict adherence to regulatory requirements.
Compliance has become one of the most critical aspects of modern banking. In today’s financial landscape, where cross-border transactions, digital channels, and complex financial products dominate, ensuring adherence to regulations such as FERA is essential not only for meeting legal obligations but also for maintaining institutional credibility and customer trust. The training program highlighted the fact that compliance is no longer a back-office function but a strategic necessity for sustainable banking operations.
The session provided participants with practical strategies for implementing effective compliance frameworks. Discussions covered risk identification, internal control mechanisms, and reporting practices that align with both domestic regulatory expectations and international standards. Participants were also encouraged to share their experiences and challenges, allowing for peer-to-peer learning that enriched the overall training experience.
NIBAF has been at the forefront of capacity-building initiatives in Pakistan’s financial sector. By hosting programs that address specialized areas such as Section 23K of FERA, the institute ensures that commercial banks remain updated with evolving regulatory requirements. This is particularly relevant at a time when financial institutions are under increasing scrutiny to demonstrate transparency, accountability, and proactive risk management.
The training emphasized the role of compliance officers and mid-level managers in embedding regulatory culture within organizations. Through interactive exercises and case-based discussions, participants were able to understand the practical application of compliance strategies in day-to-day banking operations. This hands-on approach provided officers with actionable insights they could immediately implement within their respective institutions.
The importance of such training extends beyond individual skill-building. By strengthening the compliance capacity of commercial banks, programs like this contribute to the overall resilience of Pakistan’s financial system. Regulatory adherence not only reduces the risk of penalties and reputational damage but also enhances the sector’s ability to engage with international markets and investors, who increasingly demand high standards of compliance.
Through this initiative, NIBAF reaffirmed its role as a key driver of professional development in the banking industry. The training on Section 23K of FERA reflects the institute’s commitment to addressing the most pressing challenges faced by financial institutions, ensuring that Pakistan’s banking workforce is prepared to uphold both regulatory and ethical standards in a rapidly evolving financial landscape.
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