EPD
Circular Letter No. 05 / 1(95)EC-2010 |
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The Chief Executives of
All Exchange Companies
Dear Sirs / Madam,
Compliance
of SBP’s Rules & Regulations by the Exchange Companies
Attention
of Exchange Companies is invited to the instructions issued
by SBP, SECP & FBR regarding maintenance/presentation
of record of transactions.
i.
In order to ensure availability and maintenance of data
& record, it is clarified that Exchange Companies
must maintain all record of their business transactions
including those related to remittances transactions (both
Inward and Outward) for 10 years from the date of transaction
or longer if so prescribed under other laws, rules &
regulations. Further, all information/record should be
maintained in such a manner that the same may be made
readily available to SBP or any other relevant Law Enforcement
Agency as and when required as per related laws.
ii. Further, any information/record requisitioned by any
Law Enforcement Agency during their investigation/prosecution
process should also be provided in timely manner as per
the governing laws.
iii. Attention of Exchange Companies is also invited to
FE Circular No. 01 dated January 01, 2009
regarding originator information in remittance transactions.
In this regard, Exchanges Companies are advised to ensure
that complete originator information remains available
through the payment chain.
iv. Exchange Companies are advised to ensure meticulous
compliance of the above instructions.
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Yours
faithfully,
Sd/-
(Najm-us-Saqib Shabbir)
Additional Director
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