TLTP REPORT –
The Securities and Exchange Commission of Pakistan (SECP) said on Friday that it has rescinded the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) reporting requirements prescribed under the circulars 8, 9 and 10 of 2017 as well as the direction 1 of 2017.
Said in a statement of the Commission issued here on Friday,pursuant to the SRO 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, the compliance report on the UN Security Council resolutions is to be submitted within three days of receiving the intimation from the SECP.
These AML/CFT reporting requirements have been replaced by the reporting framework prescribed under SECP’s SRO 245 (I)/2019, dated February 22, 2019.
SRO 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.
The Law Today Pakistan, commonly known as TLTP, is the largest news wire service, headquartered in Islamabad. The service is providing fast, comprehensive and verified news on superior courts adjudications, regulatory framework of fiscal, monitory and external sectors, economic regulatory bodies amid apex institutions regulating the financial system. TLTP is empowering readers of more than 12 national English dailies in the country.
