NOVEMBER 20, 2017
The State Bank of Pakistan (SBP) has revised its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations in a bid to updating them with the latest company law namely Companies Act 2017. The central bank has issued a circular to all banks and development finance institutions (DFIs) to obtain documents and information from the companies under the revised and updated AML/CFT Regulations.
Previous requirements for the account opening companies registered with the Securities and Exchange Commission of Pakistan (SECP) were linked to Companies Ordinance 1984. Now the banks and the DFIs will be asked to obtain specific documents from the companies as per the Companies Act 2017.