EAST WEST INSURANCE COMPANY LIMITED vs COMMISSIONER (INSURANCE), SECP Ss — 2024 CLD 755 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2024 CLD 755 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2024
Reporter: CLD
Parties: EAST WEST INSURANCE COMPANY LIMITED vs COMMISSIONER (INSURANCE), SECP Ss
Provisions referred to: S. 156---; S. 204-; Insurance Ordinance (XXXIX of 2000); Companies Ordinance

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

EAST WEST INSURANCE COMPANY LIMITED VS COMMISSIONER (INSURANCE), SECP Ss.204-a(1) & 498---Insurance Ordinance (XXXIX of 2000), S.156---anti-money laundering regulatory framework, non-compliance of---appellant (Insurance Company) was penalized by the Securities and Exchange Commission for contraventions of anti-Money Laundering Laws including Clauses 3, 4 & 5 of SRO Notification 20(I)/2012, ['the Directive'] and Circular No. 14 of the 2013 relating to 'Know-Your-Customer' and anti-Money Laundering (KYC/aML)---Validity---appellant had an obligation to adhere to the relevant requirements of the 'Directive' which should have been followed by the appellant in true letter and spirit---In the present case, the appellant failed to comply with the mandatory policies / Directive that have been in effect since the year 2012 --- Regulated individuals are expected to be highly vigilant in adhering to anti-Money Laundering Laws and should not offer excuses to avoid compliance --- Record revealed that the Respondent/ Commission had earlier taken a lenient view with regard to contravention of S. 204-a of the Companies Ordinance, 1984---No reason was found to interfere with the merits of the impugned order --- appellate Bench maintained the impugned order ---appeal filed by the Insurance Company was dismissed, in circumstances.

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