Overview

The AML regime in Pakistan has witnessed a radical transformation to bring AML compliance in line with the international standards prescribed by the Financial Action Task Force (FATF) to strengthen Anti-Money Laundering regime in Pakistan. A number of recent amendments have been made to the AML Act 2010 followed by sector-wise amendments made by the Securities and Exchange Commission of Pakistan through the SECP AML/CFT Regulations 2020. These legislative developments cast an additional compliance obligation on the regulated persons including the Board members, CEOs and compliance executives. As a result, Board members & Executives, are required to be vigilant and remain up to date on the developments taking place to ensure oversight & implementation of policies, procedures, controls and compliances for the prevention of Money Laundering and Terrorism Financing (ML/TF) in order to mitigate risks. Constant update and timely retention and submission of accurate data/returns is required under applicable laws to avoid any penal provisions becoming applicable as a result of non-compliance.