FIRST NATIONAL EQUITIES LIMITED vs COMMISSIONER (SMD) Reglns — 2025 CLD 1256 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2025 CLD 1256 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2025
Reporter: CLD
Parties: FIRST NATIONAL EQUITIES LIMITED vs COMMISSIONER (SMD) Reglns
Subject matter: Criminal

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

FIRST NATIONAL EQUITIES LIMITED VS COMMISSIONER (SMD) Reglns. 6(3), 6(4), 11(2) & 13---Joint Inspection Regulations, 2015, Cl. 19(e)---Anti-money laundering provisions, requirements of---Non-compliance of said requirements---Effect---Thematic review, conducting of---A thematic review (Review) was initiated under Cl.19(e) of Securities and Exchange Commission of Pakistan Joint Inspection Regulations, 2015 ('the Regulations, 2015') against a Trading Rights Entitlement Certificate holder of the Pakistan Stock Exchange Limited (the Appellant) with the scope to review and check compliance with respect to the Securities and Exchange Commission of Pakistan (Anti-Money Laundering and Countering Financing of Terrorism) Regulations, 2018, ('the AML Regulations, 2018')---Appellant was penalized by Securities and Exchange Commission of Pakistan ('the Commission') for its failure to maintain proper mechanism and for discrepancies in Know Your Customer/Customer Due Diligence (KYC/CDD)---Validity---Appellant was obligated to fully comply with AML Regulations, 2018, however, it failed to do so---Notably, at the time of Review, the appellant had no ongoing monitoring mechanism to ensure compliance with the AML Regulations, 2018, therefore, such non-compliance had compromised the requirements contained under the AML Regulations, 2018---Appellant, by ignoring the Know Your Customer/Customer Due Diligence (KYC/CDD) requirements, had also undermined the sanctity of the AML 7Regulations, 2018---Thus, the appellant's failure to ensure adequate ongoing monitoring mechanism and adherence to KYC/CDD requirements had serious consequences, therefore, there was no reason to interfere with the merits of the impugned order---Appeal was dismissed in circumstances.

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