AKD INVESTMENT MANAGEMENT LIMITED vs DIRECTOR (ADJUDICATION DEPARTMENT-I) S

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AKD INVESTMENT MANAGEMENT LIMITED VS DIRECTOR (ADJUDICATION DEPARTMENT-I) S. 6(a)(2)(h)---anti Money Laundering and Countering Financing of Terrorism Sanctions Rules, 2020, Rr.4(1) & 6(1)---Securities and Exchange Commission of Pakistan (anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018, Reglns. 6(2), 6(3), 6(4), 6(5), 9(3), 9(4) and 13(3)---Securities and Exchange Commission of Pakistan act (XLII of 1997), S.33---anti-money laundering regulatory framework, non-compliance of---Rectification of contraventions after visit of inception team of the Securities and Exchange Commission of Pakistan ('the Commission')---appellant (Investment Management Company) was penalized by the Commission for contraventions of Securities and Exchange Commission of Pakistan (anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018 ('the anti-Money Laundering Regulations')---Validity---appellant had the responsibility to strictly adhere to the relevant requirements outlined in the anti-Money Laundering Regulations and subsequent rectification actions did not absolve the appellant from the committed violations¬---However, record revealed that most of the shortcomings pertaining to closed-ended funds which were converted into open-ended funds and the data received from CDC was not as per the recent requirements---Subsequently, the appellant took various rectification actions and measures to enhance their due diligence practices including screening of all clients against the complete list of proscribed persons updation of database, proper categorization of accounts and improving KYC/CDD processes and committed to ensure compliance with the applicable regulatory framework---appellate Bench, under the circumstances, considering the magnitude of imposed penalty as unjustified, reduced the penalty into nearly half---appeal filed by (Investment Management) Company was disposed of accordingly.

AKD INVESTMENT MANAGEMENT LIMITED vs DIRECTOR (ADJUDICATION DEPARTMENT-I) S — 2024 CLD 762 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

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