Regulatory Alerts2020-09-28
Added · Updated
Securities and Exchange Commission of Pakistan (AML/CFT) Regulations, 2020
The Securities and Exchange Commission of Pakistan establishes Anti-Money Laundering and Countering Financing of Terrorism regulations for securities brokers, futures brokers, insurers, takaful operators, NBFCs, and modarabas. These entities must implement risk-based customer due diligence, including identifying beneficial owners, conducting enhanced due diligence for high-risk customers such as politically exposed persons, and applying simplified measures only for low-risk scenarios. The regulations mandate ongoing monitoring, specific verification procedures for existing and dormant accounts, and strict controls on reliance on third parties for compliance checks.