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Framework for Managing Risks of Trade Based AML-CFT SBP

Framework for Managing Risks of Trade Based AML-CFT SBP

The State Bank of Pakistan [“SBP”] has issued Framework for Managing Risks of Trade Based Money Laundering and Terrorist Financing vide Circular No. 4 dated 14 October 2019. The objective is to reinforce trade related Anti Money Laundering and Combating Financing Terrorism [“AML/CFT”] regime and preserve foreign exchange.

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Amyn Malik

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KPMG in Pakistan

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Framework for Managing Risks of Trade Based AML-CFT SBP

It includes amongst other things, that Banks are responsible to make policies and procedures for price verification and suspicious transaction reporting mechanism and verify the prices of underlying contracts from reliable sources. Carry out assessment of prices of underlying contracts on post transaction basis which has to be concluded within 30 days of post transaction basis.

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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

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