Karachi - Pakistan Microfinance Investment Company Limited (PMIC) has entrusted FPM AML-CHECK® with its anti-money laundering and countering the financing of terrorism (AML/CFT) compliance.
PMIC is a national-level institution for microfinance providers. Established in 2015 by the Government of Pakistan, it was set up jointly by Pakistan Poverty Alleviation Fund (PPAF), Department for International Development (DFID) through Karandaaz Pakistan, and the German Development Bank (KFW).
In addition to supporting the underserved citizens, PMIC provides financial and institutional services to individuals, micro-entrepreneurs, and micro-enterprises. Therefore, it plays a major role in helping improve employment rates and providing income opportunities.
To ensure effective implementation of all AML/CFT regulations, PMIC signed on FPM AML-CHECK®.
“We are humbled to be chosen by an organization that has such an excellent rapport with its clients and within its industry,” commented FPM’s chief executive officer Syed Wajih Hasan. “We are equally excited to be part of its journey towards complying with AML/CFT regulations so it can continue supporting and empowering the underprivileged in Pakistan,” he added.
A business unit of First Paramount Modaraba, FPM AML-CHECK® is the only domestic cloud facility in Pakistan for AML/CFT screening. Moreover, FPM’s Domestic PEPs is one of the largest collections of the profiles of individuals entrusted with prominent public functions in Pakistan and abroad.
FPM acquires PEPs information from credible government, administrative, and third-party sources. The data sources are assessed carefully for authenticity and correctness.
By its quality and extensive coverage, it is instrumental in curbing corruption and money laundering risks concerning domestic norms.
For more information on FPM AML-CHECK® and how it can help your organization, please have a look at our features. You may also contact our team to schedule a demo or register yourself for a limited-time free account.
KARACHI – Central Directorate of National Savings (CDNS) took a surefooted step towards instilling public and global confidence in Pakistan’s financial systems.
The custodian of the nation’s savings awarded First Paramount Modaraba (FPM) a contract to engage the latter’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) compliance unit, FPM AML-CHECK®.
“Financial institutions such as CDNS are diligently contributing to helping the nation counter the effects of bribery, corruption, and financial crimes,” commented FPM’s chief executive officer Syed Wajih Hasan.
“We are honored and thrilled for the role FPM AML-CHECK® will have in further ensuring the integrity and stability of Pakistan’s financial markets while effectively curbing criminal financial activity.”
CDNS is the largest investment and financial institution in Pakistan, with a portfolio of over PKR 3.4 trillion and more than four million investors. It promotes financial savings in the economy and generates funds to be used in the Government’s deficit and infrastructure projects.
With the help of FPM AML-CHECK, CDNS aims to establish comprehensive and reliable domestic and foreign politically exposed persons (PEPs)coverage, and review and devise a compliance framework with respect to AML CFT.
FPM Domestic PEPs comprises of the largest database of PEPs from Pakistan, obtained from authentic sources. In addition, FPM offers an extensive collection of foreign PEPs courtesy of its world-renowned partner Acuris Risk Intelligence® .
Both domestic and foreign PEP information is acquired with regulatory policies and best practices in mind, and assessed to ensure authenticity and correctness.
For more information on how FPM AML-CHECK® can help your organization, please refer to our features. You are also welcome to schedule a demo, request a quotation, or avail a limited time free account.