ISLAMABAD, Oct 20 (APP): The Securities and Exchange Commission of Pakistan (SECP) stressed the need to cultivate a sustainable and resilient culture of anti-money laundering and counter-financing of terrorism (AML/CFT) compliance within the non-bank financial sector.
SECP Commissioner Sadia Khan, while talking at the training program arranged by the Mutual Funds Association of Pakistan (MUFAP), highlighted the critical role of non-banking finance companies (NBFCs) in preventing the use of financial systems by criminal elements, said a press release issued here.
She appreciated the efforts of the industry to improve its capabilities for safeguarding the sector against the risk of money laundering, fraud, and terrorism.
The session was attended by compliance professionals and practitioners of asset management companies.
Commissioner Sadia emphasized that SECP, with the support of the government, introduced various regulatory reforms to rationalize the legislative requirements and refine the regulatory processes.
However, she added, to make Pakistan the chosen destination for international investments, the industry was needed to implement an effective AML compliance program to attain an improved international ranking for Pakistan’s financial sector.
“SECP expects financial institutions to implement robust compliance programs geared in line with the specific risks present in the respective sectors,” she said, adding that such initiatives support the development of an effective domestic infrastructure, and complement SECP’s efforts to strengthen AML/CFT Regime.