COMPLIANCE OF SBPÃ¢â‚¬â„¢S RULES & REGULATIONS BY THE EXCHANGE COMPANIES
|EPD Circular Letter No. 10||November 10, 2008|
Attention of Exchange Companies is invited to SBP instructions issued from time to time on the minimum criteria to be observed with respect to proper documentation of transactions, maintenance of proper AML / KYC standards, reporting of business transactions and strict compliance to all SBP rules & regulations.
It has, however, been observed that despite reiterating the requirement of ensuring strict compliance to the SBP Rules & Regulations, the level of compliance on certain occasions was found to be unsatisfactory. This state of affairs has been viewed very seriously and the Exchange Companies, in their own interest, are advised to maintain their compliance status to the requisite levels.
It is reiterated that in case, any Exchange Company is found involved in any violation of SBP Rules & Regulations in general and any undocumented transactions in particular, strict action leading towards suspension or cancellation of the license will be taken against the company involved.