Regulatory Alerts2018-12-18
Added · Updated
Amendments to Intermediaries Regulations, 2017
The Securities and Exchange Commission of Pakistan inserts new clauses (iia) and (iib) into regulation 16(1) of the Intermediaries (Registration) Regulations, 2017. These amendments require intermediaries acting as company formation agents to ensure clients are not involved in suspicious activities, money laundering, or terrorist financing consistent with Financial Action Task Force recommendations. Additionally, intermediaries must verify that clients are not listed on the United Nations Security Council designated persons list or subject to existing bans, sanctions, or embargoes.