The Chief Executives of
All Exchange Companies
Dear Sirs / Madam,
of SBP’s Rules & Regulations by the Exchange Companies
of Exchange Companies is invited to SBP instructions issued
from time to time on the minimum criteria to be observed
with respect to proper documentation of transactions, maintenance
of proper AML / KYC standards, reporting of business transactions
and strict compliance to all SBP rules & regulations.
has, however, been observed that despite reiterating the
requirement of ensuring strict compliance to the SBP Rules
& Regulations, the level of compliance on certain occasions
was found to be unsatisfactory. This state of affairs has
been viewed very seriously and the Exchange Companies, in
their own interest, are advised to maintain their compliance
status to the requisite levels.
is reiterated that in case, any Exchange Company is found
involved in any violation of SBP Rules & Regulations
in general and any undocumented transactions in particular,
strict action leading towards suspension or cancellation
of the license will be taken against the company involved.