PVARA No Objection Certificate Regulations 2025

The Pakistan Virtual Asset Regulation Authority establishes requirements for Virtual Asset Service Providers to obtain a No Objection Certificate, which serves as approval for AML registration on the goAML portal and permission to incorporate a local entity. Applicants must maintain specific governance structures, including designated Key Individuals who satisfy fit and proper standards, and disclose all controllers holding 20% or more voting power. The regulations mandate the implementation of comprehensive AML/CFT frameworks, including customer due diligence, transaction monitoring, and recordkeeping for a minimum of seven years. Successful applicants are authorized to provide limited AML-registered services prior to full licensing, provided they submit a full license application within three months of the promulgation of VASP licensing regulations.

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1000021938.2
NO OBJECTION
CERTIFICATE
REGULATIONS
2025
Document Code: PVARA/REG/AML-REG/2025-1
Version: 1.0 (Final)
Status: For Official Publication
Effective Date: 2nd December 2025
Prepared By: Pakistan Virtual Asset Regulation Authority Licensing & Supervision Division

1000021938.2
TABLE OF CONTENTS
Page
PART 1 — PRELIMINARY ......................................................................................................1
PART 2 — GOVERNANCE & KEY INDIVIDUALS..................................................................2
PART 3 — OWNERSHIP & CONTROLLERS .........................................................................3
PART 4 — AML/CFT OBLIGATIONS......................................................................................3
PART 5 — APPLICATION PROCESS ....................................................................................6
PART 6 — ONGOING OBLIGATIONS....................................................................................7
ANNEX A – STATUTORY FORMS .........................................................................................9
FORM A1 — APPLICATION FOR AML REGISTRATION.....................................................10
FORM A2 - CONTROLLER & BENEFICIAL OWNER DISCLOSURE FORM.......................21
FORM A3 - FIT & PROPER QUESTIONNAIRE (KEY INDIVIDUALS)..................................28
FORM A4 — AML/CFT FRAMEWORK SUBMISSION STATEMENT...................................36
FORM A5 — OUTSOURCING DECLARATION & REGISTER.............................................41
FORM A6 — ANNUAL AML/CFT RETURN ..........................................................................43
FORM A7 — INTERNAL SUSPICIOUS ACTIVITY REPORT (ISAR) ...................................48
FORM A8 — KEY INDIVIDUAL APPOINTMENT / CHANGE FORM....................................50

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Source: Pakistan Virtual Assets Regulatory Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works