Saturday, April 17, 2021

SECP explains AML/CFT reporting requirements

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com

The Securities and Exchange Commission of Pakistan (SECP) explained that it has rescinded the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) reporting requirements prescribed vide circulars 8, 9 and 10 of 2017 as well as the direction 1 of 2017.

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These AML/CFT reporting requirements have been replaced by the reporting framework prescribed under SECP’s S.R.O. 245 (I)/2019 dated February 22, 2019.

S.R.O. 245 (I)/2019 lays down a comprehensive reporting mechanism in line with the FATF Recommendations and SECP AML/CFT Regulations, 2018.

It has strengthened reporting from the regulated persons, including; securities brokers, futures brokers, insurers, takaful operators, non-banking finance companies (NBFCs) and modarabas as required under the rescind circulars.

Pursuant to the S.R.O. 245 (I)/2019, the regulated persons are required to submit annual risk and compliance assessment reports and six monthly information/data to the SECP to demonstrate adequacy and effectiveness of AML/CFT compliance framework.

Furthermore, compliance report on the UN Security Council resolutions is to be submitted within three day of receiving the intimation from the SECP. 

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com
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