SBP amends AML/CFT regulations


KARACHI: State Bank of Pakistan (SBP) has amended regulations regarding Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and revised requirement of documents to be submitted by limited companies and corporations to banking companies.
The SBP on Tuesday issued a circular and said that under the revised requirements limited companies/corporations shall submit following certified copies to banking companies:
a) Resolution of Board of Directors for opening of account specifying the person(s) authorized to open and operate the account (not applicable for Single Member Company);
b) Memorandum of Association;
c) Articles of Association (wherever applicable);
d) Certificate of Incorporation;
e) SECP registered declaration for commencement of business as required under Companies Act 2017; and
f) List(s) of Directors required to be filed under Companies Act 2017, as applicable.