Role of AML CFT Regulatory Authority
Role of AML CFT regulatory authority: AML/CFT regulatory authority means the regulators and SRBs as specified in Schedule IV. They shall exercise the powers and perform the functions as set out in this Act and as prescribed thereunder.
(2) AML/CFT regulatory authority shall exercise the following powers and functions with respect to its reporting entities, namely: –
(a) licensing or registration of reporting entities;
(b) imposing any conditions to conduct any activities by reporting entities to prevent the offence of money laundering, predicate offence or financing of terrorism;
(c) issuing regulations, directions and guidelines with respect to sections 7A to 7H of this Act;
(d) issuing regulations, directions and guidelines with respect to financing of proliferation obligations;
(e) providing feedback to reporting entities for the purpose of compliance with the requirements of sections 7A to 7H of this Act and as prescribed thereunder;
(f) monitoring and supervising, including conducting inspections, for the purpose of determining compliance with the requirements of sections 7(1), 7(3) to 7(6) and 7A to 7H of this Act and any rules or regulations made thereunder and with the orders or
regulations made thereunder that impose TFS obligations;
(g) compelling production of information relevant to monitoring compliance with the requirements of sections 7(1), 7(3) to 7(6) and 7A to 7H of this Act and any orders, rules or regulations made thereunder that impose TFS obligations;
(h) impose sanctions, including monetary and administrative penalties to the extent and in the manners as may be prescribed, upon their respective reporting entity, including its directors and senior management and officers, who violates any requirement in section 7(1), 7(3) to 7(6) and 7A to 7H and any rules or regulations made thereunder or those who fail to comply with the TFS regulations. Any person aggrieved by the imposition of sanctions under this clause may prefer an appeal in such manner and within such period to such authority as may be prescribed;
(i) maintaining statistics of the actions performed in respect of the functions and powers conferred by this Act, in order to report to the National Executive Committee and the General Committee as required; and
(j) exercising any other such powers and performing any other such functions that may be otherwise granted in any other applicable law.
Anti Money Laundering Training
Anti Money Laundering Training / Financial Crime training is available in Lahore, Islamabad, Karachi Pakistan as “online live training” or “onsite live training”.
This training on Anti Money Laundering in Lahore will cover different types of anti money laundering schemes and will equip participants in knowing how to analyze them and how to identify leads.
This training on Anti Money Laundering in Lahore, Islamabad, Karachi, Faisalabad is also available as inhouse training option for companies all over Pakistan.
