The Chief Executives of all
Exchange Companies &
Exchange Companies of ‘B’ Category
Dear Sirs / Madam,
Guidelines for Combating Money Laundering and
the view to preserve the integrity and safety of the financial
system, it has always been important to prevent the possible
use of the Exchange Company Sector for money laundering
and terrorist financing. To this end, since their inception,
SBP has been issuing various instructions to Exchange Companies
from time to time in the shape of its FE Circulars and Circular
Letters duly followed up with individual interactions during
its monitoring and enforcement activities.
order to draw further attention on averting the risks posed
by money laundering and financing of terrorism, please find
attached the guidelines (at Annexure I) required to be followed
in letter and spirit by the Exchange Companies. Further
Exchange Companies shall review and submit their policy
for combating money laundering and terrorist financing on
annual basis, latest by September 30 of that financial year,
duly approved by their Board of Directors.
may be noted here that;
The Exchange Companies are responsible for implementing
the guidelines throughout their network, including branches,
franchises, payment booths etc.
The term ‘Exchange Companies’ referred in the
guidelines means both, Full-fledged Exchange Companies and
Exchange Companies of ‘B’ category, and the
said guidelines are required to be implemented according
to their respective permissible scope of business.