Regulatory Alerts2008-08-14
Added · Updated
AML Circular No. 19: Instructions for Compliance with Money Laundering Prevention Ordinance 2008 and Anti Terrorism Ordinance 2008
Banks and financial institutions must substitute references to the Money Laundering Prevention Act, 2002 with the Money Laundering Prevention Ordinance, 2008 and the Anti Terrorism Ordinance, 2008 in existing circulars. Institutions are prohibited from maintaining anonymous or fictitious accounts and must identify beneficial owners, including controlling shareholders holding 20% or more shares. Enhanced due diligence is required for respondent banks linked to shell banks, and suspicious transaction reports must be submitted to the Central Compliance Unit within three working days. The circular mandates the use of Annexed Form Ka for reporting and cancels AML Circular-10, with instructions taking immediate effect.