Regulatory Alerts2018-10-02
Added · Updated
Final Amendments to AML Regulations, 2018
The Securities and Exchange Commission of Pakistan amends its Anti Money Laundering and Countering Financing of Terrorism Regulations, 2018, to update definitions, including 'business relations' and 'legal persons', and to mandate enhanced due diligence for high-risk customers. Regulated persons are prohibited from forming relationships with entities designated under UN Security Council Resolutions or proscribed under the Anti Terrorism Act, 1997, and must freeze assets and report such findings immediately. The amendments introduce new requirements for group-level supervision of compliance programs, continuous monitoring of proscribed entities, and counter measures against high-risk countries as notified by the Federal Government or FATF. Additionally, the minimum period for maintaining customer identification records is set at five years after the termination of the business relationship.