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Circulars

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

November 14, 2017
6250

The Presidents/ Chief Executives,

All Banks/DFIs

Dear Sir/Madam,

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

  1. Please refer to Serial No. 4 of the Annexure-I to AML/CFT Regulations regarding documents to be obtained by banks/DFIs while establishing banking relationship with Limited Companies/ Corporations.
  2. In the light of new provisions introduced vide Companies Act, 2017 and Regulations issued thereunder, documents listed at Serial No. 4 (i) of Annexure-I of AML/CFT Regulations shall stand revised as under:
Sr.
No		 Type of Customers Existing documents/papers to be
obtained		 Revised documents/papers to be
obtained
4 Limited
Companies/
Corporations		 (i) Certified copies of:
a) Resolution of Board of Directors for opening of account specifying the person(s) authorized to open and operate the account;

b) Memorandum and Articles of Association;

c) Certificate of Incorporation;

d) Certificate of Commencement of Business, wherever applicable;

e) List of Directors on ‘Form-A/Form-B’ issued under Companies Ordinance 1984, as applicable; and

f) Form-29, wherever applicable.
 (i) Certified copies of:
a) Resolution of Board of Directors for opening of account specifying the person(s) authorized to open and operate the account (not applicable for Single Member Company);

b) Memorandum of Association;

c) Articles of Association (wherever applicable);

d) Certificate of Incorporation;

e) SECP registered declaration for commencement of business as required under Companies Act 2017; and

f) List(s) of Directors required to be filed under Companies Act 2017, as applicable.
  1. All other instructions on the subject shall however, remain unchanged.
  2. Please acknowledge receipt.

Enclosed:

Yours sincerely,

Muhammad Akhtar Javed
Head of Department