The Finance Division would constitute National Savings Anti Money Laundering/ Combating Financing Terrorism (AML/CFT) Supervisory Board to provide independent oversight of implementation of rules and take necessary enforcement actions against violations.
The draft National Savings Schemes (AML and CFT) Rules, 2019 noted that the composition of the Board would include additional secretary Finance Division as chairman of the Board and members of the board would include representative of State Bank of Pakistan (SBP), not below the rank of BPS-20, or equivalent officer, representative of Securities and Exchange Commission of Pakistan (SECP), not below the rank of BPS-20, or equivalent officer, representative of Financial Monitoring Unit (FMU), not below the rank of BPS-20, or equivalent officer, and joint secretary Finance Division.
The Finance Division shall provide all secretarial and administrative support to the Board for effective discharge of its responsibilities. The Board would within two months of the commencement of these rules devise its standard operating procedures (SOPs) for supervision of CDNS to ensure compliance with AML and CFT requirements.
The Board would have powers to issue appropriate SOPs, demand receipt of appropriate management information system on periodical basis, direct CDNS to take such actions as may be required to address deficiencies pointed out during such assessments, and develop such enforcement actions as it may deem necessary. It would also have powers to direct CDNS to take all reasonable measures to ensure compliance with provisions of the AML Act, 2010 and these rules.
The Board would have powers to compel production of any information or record it may require for the discharge of its responsibilities and CDNS would provide the information and record in such format and within such timelines as may be specified by the Board.
The Board would have powers to engage chartered accountant firms from SBP's approved panel of auditors to conduct onsite examinations, assess money laundering (ML) and terror financing (TF) risks posed, assess corresponding controls and determine compliance with the AML Act, 2010 and these rules and regulations issued from time to time, If any provision of these rules, is contravened, or if any default is made in complying with any requirement of these rules or orders or SOPs issued by any officer or official of CDNS, the person who contravened would be punishable in accordance with the law for the time being in force.
Copyright Business Recorder, 2019
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