RegAlert2018-08-31
Added · Updated
Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018
The Securities and Exchange Commission of Pakistan mandates that regulated persons, including securities brokers, insurers, and NBFCs, implement risk-based anti-money laundering and counter-terrorist financing frameworks. These entities must conduct customer due diligence, identify beneficial owners, and apply enhanced due diligence for high-risk customers such as politically exposed persons or those from non-compliant jurisdictions. The regulations specify simplified due diligence thresholds, such as an annual premium limit of Rs. 100,000 for life insurance, and require the filing of Suspicious Transaction Reports when due diligence cannot be completed or suspicion arises.
SECP published 3 documents in the last 30 days — get each new one by email the day it lands.
Government of Pakistan
Securities and Exchange Commission of Pakistan -.-.- Islamabad, the 13th June, 2018 NOTIFICATION S. R. O. 770 (I)/2018. In exercise of the powers conferred under section 40 read with clause (w) of sub-section (4) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), upon recommendation of Financial Monitoring Unit established under section 6 of the Anti Money Laundering Act, 2010 (VII of 2010) and in consultation with the Policy Board, the Securities and Exchange Commission of Pakistan is pleased to make the following regulations, the same having being previously published in the official Gazette vide S.R.O. 557(I)/2018, dated April 26, 2018 as required under sub-section (2) of said section 40, 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, 2018. (2) 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) “AML/CFT” means Anti-Money Laundering and Countering Financing of Terrorism; (c) “Annexure” means annexures appended to these regulations; (d) “beneficial owner” in relation to a customer of a regulated person means, the natural person who ultimately owns or control a customer or the natural person on whose behalf a transaction is being conducted and includes the person who exercise ultimate effective control over a person or a legal arrangement; (e) “beneficiary” for the purposes of these regulation shall include,- (i) in case of trust, is the person or persons who are entitled to
Read the rest free, and get an email when SECP publishes again
Lineage: In force
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