Monday, March 30, 2020

SECP holds awareness sessions on AML/CFT obligations

Featured

Breaking: British Prime Minister Boris Johnson tested positive for Coronavirus

British Prime Minister Boris Johnson tested positive for the coronavirus after experiencing "mild symptoms". "After seeing mild symptoms yesterday (Thursday),...

3.3 million Americans applied for unemployment benefits after the Corona outbreak

The US Department of Labor announced a record increase in the application for unemployment benefits in the United States...

World Bank asks bilateral creditors to suspend debt payments from IDA countries

The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt...
Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

The SECP has conducted a series of five awareness sessions in Karachi, Lahore and Islamabad. The outreach sessions were held to share the findings of the National Terrorism Financing Risk Assessment with the financial institutions regulated by the SECP.

These sessions were designed to help the representatives of financial institutions to improve their understanding of the suspicious transaction report/currency transaction report (STR/CTR) reporting requirements under the AML/CFT framework.

The findings of the National Terrorist Financing Risk Assessment Report were shared, in particular the national risk assessment methodology, potential sources of terrorist financing; sectoral channels’ assessment, risk rating assigned to each of the assessed channel, national TF vulnerability, summary of sectoral ratings. Moreover, progress on the FATF Action Plan and areas of concern were also discussed with the participants.

The representatives of the Financial Monitoring Unit (FMU) also attended the sessions and explained the process of registering and filing of STR/CTR electronically in the GoAML, which automatically collects and analyses STRs and CTRs received from the financial institutions.

Moreover, red flag indictors and unusual transactions relevant to each sector were explained. Further, enquiries related to subsequent reporting of STR/CTR to the FMU were also answered.

Representatives of the Pakistan Post, CDNS, securities market, commodities market, insurance/takaful, real estate and non-banking financial sectors attended the sessions.

Feedback on the implementation of the AML/CFT framework was sought from the participant, and a dedicated email address was provided to participants, enabling them to communicate their concerns or suggestions promptly.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Latest News

Breaking: British Prime Minister Boris Johnson tested positive for Coronavirus

British Prime Minister Boris Johnson tested positive for the coronavirus after experiencing "mild symptoms". "After seeing mild symptoms yesterday (Thursday),...

3.3 million Americans applied for unemployment benefits after the Corona outbreak

The US Department of Labor announced a record increase in the application for unemployment benefits in the United States in the week that ended...

World Bank asks bilateral creditors to suspend debt payments from IDA countries

The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt relief for the poorest countries: The...

Turkish doctor: Turkey could have as many as 145,000 undiagnosed coronavirus cases

Dr. Muhammet Emin Akkoyunlu, a chest specialist at the Medipol University Hospital, revealed that the number of Coronavirus infections in Turkey could be around...

Time Square turns into Ghost Square after stores closes in New York, fearing Corona

Time Square is known as New York City's, USA, as one of the sleeping areas, which usually attracts more than 330,000 visitors daily, as...

Related News