Investors of saving schemes to explain source of income

ISLAMABAD: Investors of National Saving Schemes (NSS) will explain source of income for their existing investments under ongoing drive of the government to check money laundering and terror financing.

The ministry of finance last week issued draft National Savings Schemes (AML and CFT) Rules, 2019 to document the investment and identify links of investments to Money Laundering and Terror Financing.

Under the rules the Central Directorate of National Savings (CDNS) will conduct customers due diligence (CDD) of all existing and new investors of NSS.

The customers will require to provide source of earnings for the investment and their annual income.

Currently CSNS has 4 million customers and the total investment has increased to around Rs4 trillion by October 2019.

According to the draft rules: Every customer, whether permanent or occasional and whether natural or legal person or legal arrangement, shall be identified for establishing business relationship and for the purpose following information shall be obtained, verified using reliable, independent source documents, data or information and recorded namely: –

(a) full name as per identity or registration documents;

(b) national identity card, passport, national identity card for overseas pakistanis, Pakistan origin card or alien registration card number, etc.

(c) registration or incorporation number of business, if applicable;

(d) residential address, telephone numbers and e-mail, if available;

(e) business address, telephone numbers and e-mail, if available;

(f) date of birth;

(g) date and place of registration or incorporation of business, if applicable;

(h) nationality

(i) place of birth;

(j) national tax number (NTN), if applicable;

(k) nature of business and location, if applicable;

(l) sources of earnings;

(m) customer’s net worth in respect of legal persons, legal arrangements and high risk customers; and

(n) annual income.

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