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.
The guidebook explains how financial firms should screen existing and potential customers, as well as beneficial owners, against relevant sanctions lists.
They must assess possible 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 has also highlighted the need for regular screening, clear internal procedures, proper record-keeping, staff training and effective compliance systems.
The commission has encouraged regulated entities to review their existing procedures and improve their safeguards using the guidebook.
The document follows awareness sessions conducted by the SECP in collaboration with the National Counter Terrorism Authority (NACTA) to help 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.
SECP said the guidebook is intended as a practical reference and does not replace existing laws, regulations or other regulatory requirements.
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