National Saving Scheme AML, CFT Rules: Supervisory board constituted for monitoring

ISLAMABAD: The ministry of finance has constituted supervisory board to provide independent oversight of implementation of National Savings Schemes (AML and CFT) Rules, 2019.

The advisory board has been comprised of:

01. Additional Finance Secretary (Budget): Chairman

02. Syed Jahangir Shah, Director, State Bank of Pakistan: Member

03. Ms. Tanzila Nisar Mirza, Additional Director, Securities and Exchange Commission of Pakistan: Member

04. Adnan Imran, Director, Financial Monitoring Unit: Member

05. Joint Secretary (B-1), Ministry of Finance: Member/Secretary

As per the rules, the Supervisory Board shall provide independent oversight of implementation of these rules and take necessary enforcement actions against violations thereof.

The Finance Division shall provide all secretarial and administrative support to the Board for effective discharge of its responsibilities.

The Board shall, within two months of the commencement of these rules, devise its SOPs for supervision of CDNS to ensure compliance with AML and CFT requirements.

The Board shall have powers to issue appropriate standard operating procedures(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 advise such enforcement actions as it may deem necessary.

The Board shall 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 shall have powers to compel production of any information or record it may require for the discharge of its responsibilities and CDNS shall provide the information and record in such format and within such timelines as may be specified by the Board.

The Board shall have powers to engage chartered accountant firms from SBP’s approved panel of auditors to conduct onsite examinations, assess ML and 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 there under, by any officer or official of CDNS, the person who contravened shall be punishable in accordance with the law for the time being in force.

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