ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) held awareness sessions on anti-money laundering / countering financing of terrorism (AML/CFT) obligations and terrorism financing risk assessment for its regulated sectors, securities and commodities market, insurance / takaful companies, non-banking finance companies and the modaraba sector in Karachi, a statement said on Friday.
Tariq Bakhtawar, director of SECP, gave a detailed presentation on the outcomes and recommendations under the National Risk Assessment of Terrorism Financing along with the sector risk assessment on money laundering.
He explained the requirements under FATF recommendation, assessing risks and applying risk-based approach in confluence with the immediate objective 1.
The SECP AML/CFT Regulations, 2018, have shifted focus from one-size fits all to risk-based approach that encouraged self-regulation among financial institutions to ensure that they are carrying on the legitimate and essential work, he said.