STRENGTHENING OF REGULATORY AND AML/KYC REGIME
|FE Circular No. 04 of 2013||June 23, 2013|
Attention of Exchange Companies of both categories is invited to instructions contained in FE Circular No. 02 of 2008 and FE Circular No. 03 of 2012 related to retention of copies of identification documents from the customers for the transactions of USD 5,000 or above. In order to strengthen regulatory and AML/KYC regime of exchange companies sector, exchange companies are required to meticulously observe the following instructions as per their scope of business:
(a) Exchange Companies shall now get and retain copies of any of the following identification documents for all outward transactions and all other transactions of USD 2,500 or above (or equivalent) with stamp of “Original Seen”.
Computerized National Identity Card (CNIC) /National Identity Card for Overseas Pakistanis (NICOP)/ Pakistan Origin Card (POC) / Alien Registration Card (ARC)/ Passport (having valid visa on it or any other proof of legal stay of foreigner).
(b) For all sale and outward transactions of USD 10,000 or above (or equivalent), National Tax Number (NTN) of the customer will be obtained by the exchange company which will be mentioned on the transaction receipt alongwith CNIC/Identification Number of the customer.
(c) All sale and outward transactions of USD 25,000 or above (or equivalent) shall be conducted by the exchange companies through Crossed Cheque/DD/PO issued from the personal account of the customer.
All other terms and conditions on the subject shall remain unchanged.