COMPLIANCE OF SBPÃ¢â‚¬â„¢S RULES & REGULATIONS BY THE EXCHANGE COMPANIES
|EPD Circular Letter No. 05||March 16, 2010|
Attention of Exchange Companies is invited to the instructions issued by SBP, SECP & FBR regarding maintenance/presentation of record of transactions.
i. In order to ensure availability and maintenance of data & record, it is clarified that Exchange Companies must maintain all record of their business transactions including those related to remittances transactions (both Inward and Outward) for 10 years from the date of transaction or longer if so prescribed under other laws, rules & regulations. Further, all information/record should be maintained in such a manner that the same may be made readily available to SBP or any other relevant Law Enforcement Agency as and when required as per related laws.
ii. Further, any information/record requisitioned by any Law Enforcement Agency during their investigation/prosecution process should also be provided in timely manner as per the governing laws.
iii. Attention of Exchange Companies is also invited to FE Circular No. 01 dated January 01, 2009 regarding originator information in remittance transactions. In this regard, Exchanges Companies are advised to ensure that complete originator information remains available through the payment chain.
iv. Exchange Companies are advised to ensure meticulous compliance of the above instructions.