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EXCHANGE POLICY DEPARTMENT - 2008 |
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| EPD
Circular Letter No. 08 |
September
29, 2008 |
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| Compliance
of SBP Rules & Regulations |
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| Attention
of Exchange Companies is invited to SBP instructions
issued from time to time on the minimum criteria
to be observed with respect to proper documentation
of transactions, maintenance of proper AML / KYC
standards, reporting of business transaction and
other activities of exchange companies. In this
connection, we expect Exchange Companies to exercise
utmost diligence while dealing with their customers
in terms of maintaining KYC standards, establishing
bonafide and satisfying themselves with the beneficial
ownership of transactions routed through them. Despite
clear instructions, it has been noticed that some
companies are not following SBP instructions in
true letter and spirit. |
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| In
light of the above, it is advised that each Exchange
Company would revisit the compliance status of each
of its business location including branches, CEBs,
franchises, payment booths with respect to documentation
of transactions and adherence to SBP rules and regulations
through all available means including on-site visits
of business locations. Accordingly all Exchange
Companies shall submit a certificate to this effect
by October 31, 2008, duly signed by the CEO and
all Directors of the company confirming therein
that the company management is satisfied with the
compliance status of each of its business location. |
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| While
conducting the above exercise, cases where the compliance
status is found below the requisite levels, the
Exchange Companies are advised to immediately furnish
a detailed report about each of such business location
immediately to this Department. It may be clarified
that such reporting shall not debar an Exchange
Company to take appropriate actions as per related
rules and regulations and covenants of governing
agreement(s). |
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| Please
ensure strict compliance of the above instructions. |
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| TV COMMERCIALS |
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