SECP holds awareness sessions

The objective of the sessions was to raise awareness among financial institutions of the national risk assessment


Our Correspondent June 29, 2019
PHOTO: FILE

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has organised three awareness sessions for the securities and commodities brokers, insurance/takaful companies and non-banking finance companies in Karachi. The sessions gave awareness of the terrorist financing framework and how it differed from money laundering. The objective of the sessions was to raise awareness among financial institutions of the national risk assessment and its addendum in terms of terror financing threats and vulnerability, leading to the overall terror financing risks. In light of the results of the terror financing - national risk assessment, the financial institutions have been advised to identify gaps and improve their AML/CFT policies and develop risk mitigation strategies accordingly. SRO 245(I)/2019 requires financial institutions to file their AML/CFT annual risk assessment, compliance assessment framework and requisite data/information annually by June 30. In this regard, the methodology for risk assessment and compliance framework, as prescribed in the SECP AML/CFT Regulations 2018, and guidelines were discussed to help regulated entities in filing their AML/CFT returns with the SECP.

Published in The Express Tribune, June 29th, 2019.

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