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.

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Government of Pakistan
Securities and Exchange Commission of Pakistan Islamabad, Dated 28th September 2020 S.R.O. 921 (I)/2020. - In exercise of the powers conferred by section 6A of the Anti Money Laundering Act, 2010 (VII of 2010), the Securities and Exchange Commission of Pakistan, is pleased to make the following regulations, namely:-
CHAPTER I
PRELIMINARY

Short Title and Commencement- These regulations shall be called the Securities
and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2020.
They shall come into force at once.
Definitions- (1) In these regulations, unless there is anything repugnant in the
subject or context,-
(a) “AML Act” means Anti Money Laundering Act, 2010 (VII of 2010); (b) “Act” means Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997); (c) “administered legislation” shall have the same meaning as assigned to it in clause (aa) of sub-section (1) of section 2 of the Act; (d) “AML/CFT” means Anti-Money Laundering and Countering Financing of Terrorism; (e) “Annex” means annexures appended to these regulations; (f) “beneficiary” for the purposes of these regulation shall include- (i) a natural or legal person or arrangement who are entitled to the benefit of any trust arrangement. (ii) in the context of life insurance or takaful, life-contingent annuity contracts or another investment linked insurance or takaful policy,

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Lineage: In force

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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works