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.

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Government of Pakistan
Securities and Exchange Commission of Pakistan Islamabad, the 13th June, 2018 In exercise of the powers conferred under section 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 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); (aa) “Act” means Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997); 1 (ab) “administered legislation” shall have the same meaning as assigned to it in clause (aa) of sub-section (1) of section 2 of the Act;2

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Lineage: In force

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This document amends: Final Amendments to AML Regulations, 2018

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