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SECP INSURANCE COMPANIES DIRECTED TO COMBAT MONEY LAUNDERING
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Strategy, Development and External Relations Department
Press Release
Insurance companies directed to combat money laundering
ISLAMABAD, January 12: The Securities and Exchange Commission of Pakistan (SECP) has issued a directive to the insurance companies on the anti-money laundering (AML) regime, including the customerdue diligence/know your customer (CDD/KYC) policies and designation of compliance officers.
The directive has been issued to address the gaps related to the threat of money laundering in the insurance industry. In order to promote the anti-money laundering practices such directions are prescribed andimplemented by regulators globally in the financial sectors. It is pertinent to mention that such regulatory directions on AML are already enforced and applicable by the SECP in the non-banking and finance sectors inPakistan.
In the larger interest of the insurance industry for customer due diligence and to combat money laundering, itis important that the regulator and insurance industry join forces for the implementation of this directive and otherfuture course of action on the AML. This directive is applicable to all public and private sector insurancecompanies.
It may be added that money laundering refers to the process of concealing the source of illegally obtained money and the methods by which money may be laundered. Many regulatory and governmental bodies have taken measures to prevent this practice and regardless of the difficulty in measurement, the amount ofmoney laundered each year is in the billions dollars and poses a significant policy concern for governments. As the governments and international organizations undertake efforts to deter, prevent and apprehend money launderers, the financial institutions also make efforts to prevent and detect transactionsinvolving laundered money, both as a result of government requirements and to avoid the reputational risksinvolved.
Shakil Ahmad Chaudhary
Head, Internal and External Communication Securities and Exchange Commission of Pakistan NIC Building, 63Jinnah Avenue, Islamabad
Tel: 921-4005 or 921-4009 ext. 378
Fax: 920-6459
Cell: 0302-855-2254
email: shakil.chaudhary@secp.gov.pk
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