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National Savings: Rules notified for verification of customers, beneficial owners

National Savings: Rules notified for verification of customers, beneficial owners

ISLAMABAD: National Savings (AML and CFT) Supervisory Board for National Savings Schemes has issued SRO 956(I)/2020 for identification and verification of customers, beneficial owners of saving schemes.

According to the SRO regulations shall be called the National Savings (AML and CFT) Regulations, 2020.

The chapter III of the regulations explained the identification and verification of customers and beneficial owners.

Identification and verification.- (1) Central Directorate of National Savings (CDNS) shall –

(a) conduct CDD in the circumstances and matters set out in subsection

(1) of section 7A of AML Act; and

(b) for the purposes of conducting CDD as required under sub-section

(2) of section 7A of the AML Act in the circumstances set out under sub-section (1) of the said section 7A comply with sub-regulations (2) to (18) of regulation 4.

(2) CDNS shall –

(a) identify the customer; and

(b) verify the identity of that customer using reliable and independent documents, data or information as set out in sub-regulation (9) of regulation 4.

(3) Where the customer is represented by an authorized agent or representative, CDNS shall –

(a) identify every person who acts on behalf of the customer;