AMENDMENT IN RULES AND REGULATIONS OF EXCHANGE COMPANIES
EPD Circular Letter No. 08 May 22, 2018
The Presidents/Chief Executives of all
Authorized Dealers in Foreign Exchange
Dear Sirs / Madam,
Amendment in Rules and Regulations of Exchange Companies
Attention of Exchange Companies and Exchange Companies of ‘B’ Category is invited to instructions contained in Para 9 (i) (c & f) Chapter 3, Para 4 (i) Chapter 6 and Para 12 (i) (c) Chapter 8 of Exchange Companies Manual - 2017.
2. In order to further strengthen the AML/CFT regime for Exchange Companies, it has been decided that henceforth, for all foreign currency buy and sell transactions equivalent to USD 500/- or above, Exchange Companies and Exchange Companies of ‘B’ Category shall obtain and retain copies of identification documents i.e. Computerized National Identity Card (CNIC) / National Identity Card for Overseas Pakistanis (NICOP) / Pakistan Origin Card (POC) / Passport (having valid visa on it or any other proof of legal stay of a foreigner in Pakistan).
3. All other instructions on the subject shall remain unchanged.
4. Failure to comply with the above instructions shall attract regulatory action under the relevant provisions of Foreign Exchange Regulation Act, 1947.
Encl: As above