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 the 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 including insurance companies. In addition to the general AML/CFT compliances, SECP has introduced special legislation to address AML/CFT risks affecting insurance / takaful operators. These legislative developments cast an additional compliance obligation on the regulated persons including the Board members, CEOs and compliance executives.