Introduction
The Securities and Exchange Commission of Pakistan has issued Notification /Directive S.R.O. 1201 (I)/2018 dated October 3, 2018
Commentary
Another step taken by SECP to restrict the anti money laundering activities and terrorism by issuing the attached notification whereby the insurance companies have been required to disclose mainly:
- The ultimate beneficial owner (natural person)
- Make sure, record and annually check, that any insurer, officer has not been involved in activities in contravention “Anti- Money Laundering Act, 2010”, “Anti Terrorism Act, 1997” & “SECP AML/CFT Regulation, 2018” by means of an undertaking (undertaking is attached in the notification)
- An Affidavit is also required to be submitted in SECP that the key officer are not involved in criminal breach of trust, fraud & money laundering etc.
- The contravention would be liable to penalty u/s 40A of SECP Act, 1997
The time period of 14 days have been provided to affected persons for objections & suggestion.
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