October 16, 2020 (MLN): State Bank of Pakistan (SBP) on Friday, has updated Exchange Companies Manual to draw exchange companies’ attention towards Anti-Money Laundering, Combating the Financing of Terrorism & Countering Proliferation Financing (AML/CFT/CPF) Regulations issued by the State Bank of Pakistan via circular on September 30, 2020.
In this regard, the following amendments in the selected chapters of Exchange Companies Manual have been incorporated.
- Title of Chapter 6 and Para 20 of Chapter 8 is amended as “Anti-Money Laundering, Combating the Financing of Terrorism & Countering Proliferation Financing (AML/CFT/CPF) Regulations”.
- All Paras and sub paras along with relevant Annexures of Chapter 6 stand deleted. Chapter 6 has been revised to incorporate references to related regulations, guidelines, Notifications issued by State Bank and the Federal Government, under Anti-Money Laundering Act, 2010.
- Instructions contained in existing Para 2 A of Chapter 6, regarding inland currency transportation and related Annexure, have been shifted to Chapter 3 (for Exchange Companies) and Chapter 8 (for Exchange Companies of ‘B’ category) and the relevant Annexure has been re-numbered as Annexure 2AA.
The revised Exchange Companies Manual has been placed at the State Bank’s website.
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