State Bank of Pakistan (SBP) with the objective to preserve the integrity, soundness and safety of the financial system, has been endeavoring to prevent the possible use of its REs for money laundering, terrorist financing, proliferation financing and other illicit activities.
2. In this regard, under the powers conferred by Section 6A (2) of the Anti-Money Laundering Act, 2010 (Act), SBP is pleased to issue the Anti-Money Laundering, Combating the Financing of Terrorism & Counter Proliferation Financing (AML/ CFT/ CPF) Regulations for REs.
3. The above instructions shall supersede the following:
- AML/CFT Regulations for Banks/DFIs issued vide BPRD Circular No. 7 dated December 30, 2019
- Guidelines on Compliance of Government of Pakistan’s Notifications issued under UNSC Resolutions issued vide BPRD Circular No. 9 dated December 30, 2019
- The relevant provision of AML/CFT Regulations for Microfinance Banks issued vide AC&MFD Circular No. 3 dated December 30, 2019
- The relevant AML/CFT/CPF Provisions of Chapter 6 of the Exchange Companies Manual, last updated vide EPD Circular Letter No. 19 dated December 31, 2019
4. Any violation of the aforesaid AML/ CFT/ CPF Regulations shall attract penal as well as administrative action under the applicable laws/rules/regulations.
5. Please acknowledge receipt.
Enclosure: SBP’s AML/CFT/CPF Regulations