Regulators amend task force ToRs

KARACHI: The State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) have amended the Terms of Reference (ToRs) of their Joint Task Force (JTF) on financial conglomerates to further strengthen the supervisory cooperation, inter-alia, in AML/CFT/CPF supervision at the financial-group level, a statement said on Thursday. SBP Governor Dr Reza Baqir, and SECP Chairman Aamir Khan signed the letter of understanding (LoU) for the amendments in the ToRs, it added. The interagency cooperation between the financial sector regulators is a crucial element for the effective supervision of financial groups, which comprise various types of financial institutions.