SECP Implements New Rules Against Terror Financing

For context, the Securities and Exchange Commission of Pakistan (SECP) has issued a new guidebook directing its regulated entities to strengthen checks against terrorist financing and other illegal financial activities.

Key points

• The document follows awareness sessions conducted by the SECP in collaboration with the National Counter Terrorism Authority (NACTA) to support regulated entities understand targeted financial sanctions requirements.
• The initiative supports Pakistan's framework for anti-money laundering, countering the financing of terrorism and preventing the financing of proliferation.
• The commission has encouraged regulated entities to review their existing procedures and improve their safeguards using the guidebook.
• The commission intends to improve compliance throughout its regulated sectors and reduce the risk of financial services being applied for terrorist financing and other illegal activities.
• Obtain the latest business news, market insights, and economic updates wherever you prefer.

As well as beneficial owners, against relevant sanctions lists, the guidebook explains how financial firms should screen existing and potential customers.

They must assess feasible matches, freeze the funds and assets of designated individuals and entities without delay, and report them to the relevant authorities within the prescribed time. SECP Announces New Fine for Insurance Firms.

SECP has additionally highlighted the need for regular screening, clear internal procedures, proper record-keeping, staff training and effective compliance systems.

For context, the commission has encouraged regulated entities to review their existing procedures and improve their safeguards using the guidebook.

Notably, the document follows awareness sessions conducted by the SECP in collaboration with the National Counter Terrorism Authority (NACTA) to support regulated entities understand targeted financial sanctions requirements.

Notably, the initiative supports Pakistan's framework for anti-money laundering, countering the financing of terrorism and preventing the financing of proliferation.

SECP remarked the guidebook is intended as a practical reference and does not replace existing laws, regulations or other regulatory requirements.

Meanwhile, the commission intends to improve compliance throughout its regulated sectors and reduce the risk of financial services being applied for terrorist financing and other illegal activities. Stay Connected with ProPakistani.

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In short, SECP Implements New Rules Against Terror Financing is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.