Regulatory Alerts2023-09-26
Added · Updated
Amendments to SECP AML/CFT Regulations 2020 dated 21th September 2023
The Securities and Exchange Commission of Pakistan amends the 2020 AML/CFT Regulations to incorporate Countering Proliferation Financing (CPF) by substituting the term AML/CFT with AML/CFT/CPF and updating definitions for Designated Persons, Proscribed Persons, and Court-appointed Managers. The amendments revise Customer Due Diligence (CDD) requirements, including allowing reliance on third parties under specific liability conditions, mandating NADRA biometric verification for identity documents, and introducing new account opening procedures for persons with mental disorders. Additionally, the regulations update obligations for foreign branches and subsidiaries in non-FATF compliant jurisdictions and replace references to photocopies with validated copies.