The Securities and Exchange Commission of Pakistan (SECP has direct all life insurers to provide information about single premium life insurance policies having annual premium of Rs 5 million or above to counter potential threat of money laundering activities. According to the SECP circular 8 of 2017 issued here on Tuesday, reference to SRO. 20(1)/20 I2 dated January 1, 2012 of the SECP wherein all Insurer were required to develop internal control procedures and controls, and based on the customer's/ policyholder's profile and product profile classify customers/ policyholders into high and low risk category in order to counter the potential threat of usage of their services for money laundering activities.
In this context, the SECP in exercise of powers conferred under Section 408 of Securities and Exchange Commission of Pakistan Act, 1997 direct all Life Insurers to provide Information prescribed in Annexure-I to the Commission on monthly basis with respect to single premium life insurance policies having annual premium of Rs 5 million or above. The aforementioned information is required to be submitted by the 7th day of each month, SECP added. The compliance report on AML directive for insurers included name of policy holder, beneficiary of insurance, CNIC /passport number/ address/ telephone, policy period, transaction date, amount paid, bank account number, bank branch and risk category etc.
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