The Securities and Exchange Commission of Pakistan (SECP) has made amendments to the 2020 Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Regulations. These changes aim to strengthen the regulations, combat financial crimes, prevent money laundering and terrorism financing, and uphold the financial system’s integrity.
These amendments resulted from the 2023 National Risk Assessment, where SECP assessed its regulatory framework against the FATF Assessment Methodology criteria for AML/CFT compliance. They reflect SECP’s dedication to improving Pakistan’s regulatory framework in line with international standards.
The amendments mainly focus on expanding the regulatory framework to address Customer Due Diligence (CDD) requirements for mentally disordered persons when opening bank accounts. The revised regulations now classify accounts as dormant after three years of inactivity, down from the previous five-year threshold. Additionally, they provide guidance on relying on third parties for CDD and outline specific requirements for foreign branches of regulated entities and their subsidiaries.
By FCCT Editorial Team
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