AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)
Markets FPRM (First Paramount Modaraba) 7.63 No Change ▼ 0%

Pakistan's First Paramount launches AML/CFT screening facility

  • The facility has been launched in partnership with FinScan, a global leader in providing technologies for combatting money laundering and financing of terrorism.
Published October 14, 2020

In order to meet the Financial Action Task Force (FATF), one of Pakistan’s leading Islamic Financial Institution, First Paramount Modaraba managed by Paramount Investments Limited announced the launch of its new AML/CFT (Anti Money Laundering/ Counter Financial Terrorism) screening facility.

The facility has been launched in partnership with FinScan, a global leader in providing technologies for combatting money laundering and financing of terrorism.

“Thousands of businesses in Pakistan can now secure themselves from the risks of money laundering and financial crimes, through a world-class technology at an affordable cost,” said the company in a statement on Wednesday.

This screening facility has been established domestically on a financial grade infrastructure for ensuring the complete secrecy of clients’ data.

“The newly launched AML/ screening business of Modaraba is well aligned with the expectations of the regulatory authorities and is believed to enhance overall anti-money laundering practices in Pakistan,” said the company.

Businesses that will benefit from this screening facility include: banks, insurance companies, mutual funds and asset management firms, stock brokerage houses and money exchangers.

As an only domestically established and cost effective screening facility with the world class technology, it is expected to influence the profitability of Modaraba and hence would bring value to its certificate holders.

Comments

Comments are closed.