The State Bank of Pakistan (SBP) Tuesday announced amendment in Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations. According to BPRD Circular Letter No. 29 of 2017, several documents are required under AML/CFT Regulations by banks/DFIs while establishing banking relationship with Limited Companies/ Corporations.
In the light of new provisions introduced vide Companies Act, 2017 and Regulations issued there under, documents listed at Serial No. 4 (i) of Annexure-I of AML/CFT Regulations have been revised. Now, banks have been asked to obtain certified copies of following documents/papers from Limited Companies or Corporations to establish bank relation with any bank.
a) Resolution of Board of Directors for opening of account specifying the person(s) authorized to open and operate the account (not applicable for Single Member Company)
b) Memorandum of Association;
c) Articles of Association (wherever applicable)
d) Certificate of Incorporation
e) SECP registered declaration for commencement of business as required under Companies Act 2017
f) List(s) of Directors required to be filed under Companies Act 2017, as applicable. According to SBP, all other instructions on the AML/CFT will however, remain unchanged.
Comments
Comments are closed.