ISLAMABAD: The Securities and Exchange Commission of Pakistan has conducted a series of five awareness sessions on AML/CFT in Karachi, Lahore and Islamabad.
The outreach sessions were held to share the findings of the National Terrorism Financing Risk Assessment with the financial institutions regulated by the commission.
These sessions were designed to help the representatives of financial institutions to improve their understanding of the suspicious transaction report / currency transaction report (STR/CTR) reporting requirements under the AML/CFT framework.
The findings of the National Terrorist Financing Risk Assessment report were shared, particularly the national risk assessment methodology, potential sources of terrorist financing; sectoral channels assessment, risk rating assigned to each of the assessed channel, national TF vulnerability, and summary of sectoral ratings. Moreover, progress on the FATF action plan and areas of concern were also discussed with the participants.
The representatives of the Financial Monitoring Unit (FMU) also attended the sessions and explained the process of registering and filing of STR/CTR electronically in the GoAML, which automatically collects and analyses STRs and CTRs received from the financial institutions. Red flag indictors and unusual transactions relevant to each sector were also explained.