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In case of expired CNIC account may be opened on the basis of attested copies of NADRA receipt/token and expired CNIC subject to condition that Bank/DFI shall obtain copy of renewed CNIC of such customer within 03 months of the opening of account. For CNICs which expire during the course of the customer s banking relationship Banks/DFIs shall design/ update their systems which can generate alerts about the expiry of CNICs at least 01 month before actual date of expiry and shall continue to...

How to fill out anti-money laundering and combating

How to fill out anti-money laundering and combating

1. Gather all the necessary information and documents related to the individual or organization involved.
2. Identify the source of funds or transactions in question.
3. Assess the risk level associated with the individual or organization.
4. Keep record of all transactions and activities, including suspicious ones.
5. Conduct regular customer due diligence to verify identity and monitor ongoing activities.
6. Report any suspicious transactions or activities to the relevant authorities.
7. Cooperate with law enforcement agencies and provide any requested information or assistance.
8. Continuously review and update anti-money laundering policies and procedures to address emerging risks and new regulations.

Who needs anti-money laundering and combating?

1. Financial institutions such as banks, insurance companies, and money service businesses.
2. Casinos, gambling establishments, and other gaming-related businesses.
3. Accountants, lawyers, and other professionals offering financial or legal services.
4. Real estate agents, brokers, and developers involved in high-value transactions.
5. Dealers of precious metals, gemstones, and luxury goods.
6. Non-profit organizations receiving and transferring large amounts of funds.
7. Government agencies responsible for financial regulation and enforcement.
8. Any individual or organization involved in financial transactions that could potentially be used for illegal activities.

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What is anti-money laundering and combating?

Anti-money laundering and combating refers to the laws and regulations designed to prevent and detect activities related to money laundering and terrorist financing.

Who is required to file anti-money laundering and combating?

Financial institutions, including banks, credit unions, money service businesses, and securities dealers, are required to file anti-money laundering and combating reports.

How to fill out anti-money laundering and combating?

To fill out anti-money laundering and combating reports, financial institutions must collect and verify customer information, monitor transactions for suspicious activities, and report any suspicious transactions to the appropriate authorities.

What is the purpose of anti-money laundering and combating?

The purpose of anti-money laundering and combating is to prevent criminals from laundering money obtained through illegal activities, such as drug trafficking and corruption, and to prevent terrorist organizations from financing their activities.

What information must be reported on anti-money laundering and combating?

Financial institutions must report information such as customer identification details, transaction details, and any suspicious activities that may indicate money laundering or terrorist financing.