The Presidents/ Chief Executives

All Banks/ DFIs

Dear Sirs/ Madams,

Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations

1. Please refer to the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations issued vide BPRD Circular No. 2 dated September 13, 2012 as amended from time to time.
2. With a view to further align AML/CFT Regulations with the Financial Action Task Force (FATF) Recommendations, SBP has decided to amend various provisions of the Regulations. These amendments will provide further clarity on implementation of AML/CFT requirements by banks/ DFIs, including customer due diligence (CDD), correspondent banking, wire transfers/ funds transfers and minimum documents required for opening accounts by customers.
3. Therefore, the amendments as per attached Annexure are made in the aforesaid Regulations.
4. All other instructions on the subject shall remain unchanged.
5. The updated version of the ‘Regulations’ is enclosed.