The Securities and Exchange Commission of Pakistan (SECP) issued a 15-day extension for the filing of Annual and Quarterly Anti-Money Laundering / Combating Terrorism Financing (AML / CFT) Risk Assessment by securities dealers, commodity traders, and insurance firms, Takaful Operators, NBFCs and Modarabas.
As per the SECP, as a result of the recent outbreak of the Coronavirus Pandemic (COVID-19) and its effect on public health and the country’s lockdown situation, the Controlled Persons face various difficulties in ensuring compliance with regulatory reporting and information requirements in the manner prescribed by Directive 55(i) 2020 of 28 January 2020.
In the AML / CFT Regulations, 2018, the term Regulated Person (RP) was defined as “Regulated Person for the purposes of these Regulations means securities brokers, commodity brokers, insurers, Takaful Operators, NBFCs and Modarabas.
The SECP aims to explain as follows as it discharges its legislative duties for beneficial supervision of the regulated financial sector:
In submitting annual and quarterly details under Directive 55(1)/2020 the SECP has issued relaxation. In the light of Directive 55(I) 2020 of 28 January 2020, a 15-day extension to the filing of AML / CFT Annual AML / CFT Risk Assessment and relevant information shall be provided to all RPs facing difficulties in submitting information as of 30 June 2020, which is required to be submitted by 30 July 2020.
In addition, SECP said that as of June 30 the new deadline for sending annual and quarterly details is extended to August 15, 2020. SECP added that this extension is for submission as of the date ended June 30, 2020 alone.