SECP directs life insurance companies to provide information of policyholders having annual Rs5 million or above premium

secp

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) directed the life insurance companies to provide details of each policy holders having annual premium of Rs5 million or above in order to comply with Anti-Money Laundering (AML) directives.
The SECP on Tuesday said that all insurers were required to develop internal control procedures and controls, and based on the customer’s/policy holder’s profile and product profile classify customers/policy holders into high and low risk category in order to counter the potential threat of their services for money laundering activities.
The compliance report to be submitted on monthly basis by insurers included:
— Name of policy holder (individual/corporate/group customer trust/NGO/charitable
— Beneficiary of insurance benefit
— Father/husband/directors/trustees/beneficiaries of trust/principal officer of NGO-Charitable
— CNIC/Passport Number/CUIN – CNIC/Passport Number of Directors/Registration Number of NGO
— Address and telephone number
— policy period
— Transaction date
— Amount paid in Pak rupees
— Bank, Account number and Branch
— Branch name (where transaction occurred)

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