Filing of AML/CFT Risk Assessment: SECP grants 15-day extension to brokers, others

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has granted 15 days extension in filing of annual and quarterly Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Risk Assessment by the securities brokers, commodities brokers, insurance companies, Takaful Operators, non-banking finance companies (NBFCs) and Modarabas.

The SECP has issued circular number 24 of 2020 here on Thursday.

According to the SECP, due to the recent outbreak of Coronavirus Pandemic (COVID-19), and its impact on the public health and the lockdown situation in the country, the Regulated Persons are facing various difficulties in ensuring compliance with regulatory requirements related to reporting and submission of information in the manner prescribed under Directive 55(i) 2020 dated January 28, 2020.

The term Regulated Person (RP) has been defined in the AML/CFT Regulations, 2018 as follows "Regulated Person for the purposes of these regulations means securities brokers, commodities brokers, Insurers, Takaful Operators, NBFCs and Modarabas.

The SECP in discharge of its statutory responsibilities for beneficial regulation of the regulated financial sector seeks to clarify as follows:

The SECP has given relaxation in submission of Annual and Quarterly information under Directive 55(1)/2020. In view of Directive 55(I)2020 dated January 28, 2020, a 15 days extension in filing of AML/CFT Annual AML/CFT Risk Assessment and relevant information is provided to all RPs facing difficulties in submission of information as of June 30, 2020, required to be submitted by July 30, 2020.

Now, the new deadline for submitting the annual and quarterly information as of June 30 is being extended to August 15, 2020. This extension is for submission as of period ended June 30, 2020 only, SECP added.—

Copyright Business Recorder, 2020