Regulatory Alerts2019-01-03
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 measures. These regulations require comprehensive customer due diligence, including the identification and verification of beneficial owners, and prohibit the opening of anonymous accounts or relationships with designated proscribed entities. Enhanced due diligence is compulsory for high-risk customers, such as politically exposed persons and those from non-compliant jurisdictions, while simplified due diligence may apply to low-risk cases like specific insurance policies with premiums under Rs. 100,000.