Regulatory Alerts2021-07-12 | Circular No.03Guidelines of Filing Currency Transaction Reports for Reporting Entities
The Financial Monitoring Unit mandates compliance with detailed new guidelines for filing Currency Transaction Reports to streamline processes and enhance data quality within the goAML system. Reporting entities are required to utilize the established goAML automated reporting platform, which has been operational for electronic CTR submissions since January 1, 2020. Strict adherence to these prescribed procedures is obligatory for all reporting entities under the provisions of the Anti-Money Laundering Act, 2010.
FINANCIAL MONITORING UNIT (FMU) GOVERNMENT OF PAKISTAN 2ND FLOOR, SBP MAIN BUILDING, I.I. CHUNDRIGAR ROAD, KARACHI 4400 FMU-Circular No. 03 of 2021 July 12, 2021 The Presidents/ Chief Executives, All Reporting Entities Dear Sirs/Madams, Guidelines on filing of Currency Transaction Reports for the Reporting Entities In terms of Section 7 of Anti-Money Laundering Act, 2010, Financial Monitoring Unit (FMU) prescribes the manners for filing of Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) for the reporting entities. 2. In this context, FMU has successfully implemented automated reporting system i.e. goAML w.e.f. January 01, 2019 and all the reporting entities have been reporting CTRs electronically through the goAML application since January 01, 2020. 3. In order to streamline the process of reporting and to improve the quality of CTR reporting on goAML, detailed guidelines are being issued to the reporting entities, which are attached as “Guidelines for the Reporting Entities on filing of Currency Transaction Reports”. 4. The compliance of these guidelines must be ensured by all the reporting entities. Encl: Guidelines for the Reporting Entities on filing of Currency Transaction Reports Yours truly, Sd/- (Sumera Baloch) Additional Director Copy to: The Governor, State Bank of Pakistan (SBP) The Chairman, Securities and Exchange Commission of Pakistan (SECP)