Regulatory Alerts2020-09-28
Added · Updated
Oversight Regulations for Self-Regulatory Bodies of Accountants, 2020
The Securities and Exchange Commission of Pakistan mandates that Self-Regulatory Bodies (SRBs) of accountants, specifically ICAP and ICMAP, implement risk-based supervisory functions to monitor reporting entities for money laundering and terrorist financing risks. These SRBs are required to establish internal controls, conduct customer due diligence, impose proportionate sanctions on non-compliant members, and report suspicious transactions to the Financial Monitoring Unit. The SECP retains oversight authority to approve SRB regulations, demand information, conduct investigations, and impose penalties for non-compliance with these obligations.