S.R.O. 924(I)/2020, Islamabad, the 29th September, 2020

Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2020 Government of Pakistan Securities and Exchange Commission of Pakistan -.-.-.- Islamabad, Dated 28th September 2020 S.R.O. 921(I)/2020. - In exercise of the powers conferred by section 6A of the Anti Money Laundering Act, 2010 (VII of 2010), the Securities and Exchange Commission of Pakistan, is pleased to make the following regulations, namely:- CHAPTER I PRELIMINARY 1. Short Title and Commencement- These regulations shall be called the Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2020. 2. They shall come into force at once. 3. Definitions- (1) In these regulations, unless there is anything repugnant in the subject or context,- (a) "AML Act" means Anti Money Laundering Act, 2010 (VII of 2010); (b) "Act" means Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997); (c) "administered legislation" shall have the same meaning as assigned to it in clause (aa) of sub-section (1) of section 2 of the Act; (d) "AML/CFT" means Anti-Money Laundering and Countering Financing of Terrorism; (e) "Annex" means annexures appended to these regulations; (f) "beneficiary" for the purposes of these regulation shall include- (i) a natural or legal person or arrangement who are entitled to the benefit of any trust arrangement. (ii) in the context of life insurance or takaful, life-contingent annuity contracts or another investment linked insurance or takaful policy, is a natural or legal person, or a legal arrangement, or category of persons, who will be paid the policy proceeds when or if an event occurs, which is covered by the policy; (g) "close associate" of a PEP means"” () an individual known to have joint beneficial ownership of a legal person or a legal arrangement or any other close business relations with a PEP; (n) any individual(s) who have beneficial ownership of a legal person or a legal arrangement which is known to have been set up for the benefit of a PEP; (iii) an individual who is reasonably known to be closely connected with the PEP for any other…