Composed of an enthusiastic team, the Compliance department of Paragon Exchange (Pvt.) Ltd. ensures compliance with all the rules and regulations issued by the State Bank of Pakistan and other regulatory and monitoring bodies. The compliance team is responsible for designing, developing, implementing, monitoring, and updating the comprehensive AML / CFT program implemented in our nationwide network.
Considering the global position of Pakistan with respect to the list of FATF, Compliance at Paragon Exchange (Pvt.) Ltd. is ensuring that the Company grows in every aspect under the respected rules and ultimately plays their role in the betterment of the national financial sector stream. Our team is working tirelessly to ensure their support to national and international regulations to contribute to their fight against a global crisis of Money Laundering, Terrorism Financing or Proliferation Financing.
Other than implementing the rules and making the policies, the compliance department is responsible for the timely training to be given to our branch staff on matters such as understanding of all the risks and threats faced by our company, in prevention to that we give them comprehensive understanding terms and conditions of our products and services, of the policies and procedures of Anti-Money Laundering, Combating Financing Terrorism and Anti-Fraud Policies, Prevention procedures, and an overview of the entire internal control program including basic KYC, EDD, and customer services, etc. For us, it is extremely important to ensure that monies earned through illegal activities are not induced within the financial system in the country.
The compliance department also performs the post-transaction analysis to evaluate the transaction trail of the customers if there is any suspicion of ML / TF or any other criminal offense. The monitoring is in line with the risk-based assessment and screening process as per requirements of the State bank of Pakistan as well as our international associates, MoneyGram, Western Union, or RIA.
