SECP proposes amendments to anti-money laundering regulations
Business
SECP proposes amendments to anti-money laundering regulations
ISLAMABAD (Web Desk) - The Securities and Exchange Commission of Pakistan (SECP) proposed on Wednesday important amendments to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Regulations, 2020.
The SECP said the amendments were aimed at enhancing the scope of regulations to effectively stem proliferation financing and giving credence to the country's financial sound framework.
The stakeholders are invited to submit suggestions on the proposed amendments within the next 14 days.
The SECP proposed measures to streamline the existing AML regulatory framework.
The proliferation financing of Weapons of Mass Destruction (WMDs) or their delivery systems is an issue of universal concern.
It is proposed to reduce the existing limit of five years to three years for any account to be considered inactive.
The commission aims to enhance the effectiveness of the regulations by adding provisions, among others relating to reliance on third parties for CDD and requirements applicable to foreign branches and subsidiaries of regulated persons.
The SECP said the public consultation process was an essential component of SECP's commitment to transparency and inclusiveness.
The involvement of stakeholders is crucial for the development of robust regulations that align with the evolving needs of the financial ecosystem, the SECP concluded.
