Regulatory Alerts2018-08-31
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.