[su_dropcap style=”light” size=”5″]T[/su_dropcap]he Securities and Exchange Commission of Pakistan (SECP), to further strengthen SECP’s AML/CFT regime, has proposed certain amendments in the Anti Money Laundering and Countering Financing of Terrorism Regulations, 2018. The amendments that are in line with the FATF Recommendations and international best practices have been placed on SECP’s website for public consultation.
The minimum information required for the purpose of KYC/CDD has been listed to make documentation requirements simple and clearer. Moreover, the draft amendments provide more clarity on verification for Beneficial Ownership, close associates and family members of PEPs. The RPs are encouraged to use technological solutions for screening and monitoring of transactions as per best practices.
The SECP has tried to address the regulated sector’s feedback regarding gaps in the implementation of AML/CFT Framework. The proposed amendments are placed at SECP’s website https://www.secp.gov.pk/document/s-ro-56i-2020-amendments-in-aml-regulations-2018/?wpdmdl=38233 . Public/Stakeholders may send their comments latest by February 27, 2020 at Securities and Exchange Commission of Pakistan, NICL Building, 63 Jinnah Avenue, Islamabad or at Email: aml.dept@secp.gov.pk
In a shocking turn of events, Humza Yousaf, the leader of the Scottish National Party…
Introduction The 2024 NFL Draft in Detroit is set to be a historic event as…
Introduction To strengthen Ukraine's defense capabilities, the Pentagon has swiftly sent $1 billion worth of…