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Markets FPRM (First Paramount Modaraba) 5.20 Decreased By ▼ -10.19%

Pakistan's First Paramount launches AML/CFT screening facility

  • The facility has been launched in partnership with FinScan, a global leader in providing technologies for combatting money laundering and financing of terrorism.
14 Oct 2020

In order to meet the Financial Action Task Force (FATF), one of Pakistan’s leading Islamic Financial Institution, First Paramount Modaraba managed by Paramount Investments Limited announced the launch of its new AML/CFT (Anti Money Laundering/ Counter Financial Terrorism) screening facility.

The facility has been launched in partnership with FinScan, a global leader in providing technologies for combatting money laundering and financing of terrorism.

“Thousands of businesses in Pakistan can now secure themselves from the risks of money laundering and financial crimes, through a world-class technology at an affordable cost,” said the company in a statement on Wednesday.

This screening facility has been established domestically on a financial grade infrastructure for ensuring the complete secrecy of clients’ data.

“The newly launched AML/ screening business of Modaraba is well aligned with the expectations of the regulatory authorities and is believed to enhance overall anti-money laundering practices in Pakistan,” said the company.

Businesses that will benefit from this screening facility include: banks, insurance companies, mutual funds and asset management firms, stock brokerage houses and money exchangers.

As an only domestically established and cost effective screening facility with the world class technology, it is expected to influence the profitability of Modaraba and hence would bring value to its certificate holders.