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AKD SECURITIES LIMITED vs DIRECTOR/HOD, ADJUDICATION-I, SECP ISLAMABAD Reglns — 2024 CLD 480 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2024 CLD 480 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
AKD SECURITIES LIMITED vs DIRECTOR/HOD, ADJUDICATION-I, SECP ISLAMABAD Reglns
Provisions referred to
Pakistan Act (XLII of 1997)

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

AKD SECURITIES LIMITED VS DIRECTOR/HOD, ADJUDICATION-I, SECP ISLAMABAD Reglns. 6(3)(c), 6(10), 13(1) & 14(3)---Securities and Exchange Commission of Pakistan Act (XLII of 1997), Ss. 40-A & 33---Regulatory requirements, non-compliance of---Scope and effect---Appeal to the Appellate Bench of the Commission---Appellant ,having been licensed with Pakistan Stock Exchange ('PSX') as a securities broker, was imposed penalty by the Commission for contravention of Securities and Exchange Commission of Pakistan (Anti-Money Laundering and Countering Financing of Terrorism) Regulations, 2018 ('the Regulations')---Plea of the appellant was that nothing was done with intention and no mens rea was involved and that by obtaining the tax return/wealth statement of the client, the appellant had rightly determined the profile of the client in compliance of the Regulations---Validity---Arguments/pleas of the appellant were not tenable as the appellant was required to comply with the applicable requirements of the Regulations---Appellant should have been vigilant enough to follow the Regulations---Novice status of the customer did not match the unusual transactions pattern of the customer's profile---Appellant erred in its determination of the profile as the same did not correspond with the trading pattern of the client---Appellant failed to update the customer profile and report the transaction based on unusual and unexpected activities in violation of the Regulations---Thus, Appellate Bench viewed that appellant had failed to maintain the record as required under the law---No reason had been found for interference in the impugned order---Appeal was dismissed, in circumstances.

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