H3S Media - Sargodha Updates's video: National Savings New Rules Proposed for Due Diligence of National Savings Investors FATF

ISLAMABAD: The government has proposed new rules to ensure ‘due diligence’ of investors parking money in national savings certificates as the country is awaiting a crucial decision on its anti-money laundering and terror financing measures from a global finance watchdog early next year. The proposed National Savings Scheme (AML and CFT) Rules 2019 would bind the officials to undertake due diligence of customers of NSS to curb money laundering and terror financing. Under the proposed rules, the finance division would constitute national savings AML (anti-money laundering) and CFT (combating the financing of terrorism) supervisory board to provide independent oversight of implementation of these rules and take necessary enforcement actions against violations. The board would compose of additional secretary of finance division as its chairman. Joint Secretary of finance division would be the member-cum-secretary, while it also consists of representatives of State Bank of Pakistan and Securities and Exchange Commission of Pakistan. The proposed rules would apply to all offices and individuals responsible for the issuance, management, marketing, registration, replacement, sale and discharge of the instruments issued by and the accounts opened at and maintained with the National Savings Centers, Pakistan Post and any other office designated as offices of issue. The designated officers would need to identify the customer and verify his identity on the basis of documents, data or information obtained from him or from reliable and independent sources, identify where there is a beneficial owner who is not the customer, and verify his identity so that the office of issue is satisfied that it knows who the beneficial owner is. The officers will also be obligated to ensure customer due diligence while dealing with occasional and walk-in customers. “The office of issue or third party shall identify the occasional customers and walk-in-customers and verify their identity using reliable, independent source of information,” the draft said. “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.” Thank You for watching this video. Also Like us on Facebook: https://web.facebook.com/sargodhaupdateswebsite Follow us on Twitter: https://twitter.com/sargodhaupdate1 Also visit our website: http://www.sargodha-updates.com/ H3S Media – Sargodha Updates www.sargodha-updates.com