Compliance

Composed of enthusiastic and knowledgeable team the Compliance wing of Paragon Exchange (Pvt.) Ltd. ensures the compliance of all the rules and regulations issued by State Bank of Pakistan through Exchange Company Manual and also looks after and oversee a comprehensive regulatory program in all the branches all over the country.

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 national financial sector stream. Training are timely given to our operational staff for matters such as understanding of all the threats faced by our company including Money laundering, Terrorism financing and fraud, 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, KYC/EDD, and customer services etc. 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 carries out inspection of transactions on timely basis. The monitoring is in line with the risk based assessment and screening process as per requirements of State bank of Pakistan as well as of Western Union.

The compliance department checks all transactions to ensure as below:

  • Correct Information has been obtained and retained for the relevant transaction executed.
  • All suspicions are timely reported to SBP and full cooperation is ensured.
  • Notice lapses, if any, for necessary rectification, without any delay.
  • Unusually large transactions are highlighted and KYC/EDD forms are required to be filled for these transactions to be executed.
  • Report of all transactions [Currency Exchange, Remittance (inwards/outwards)] to be generating on daily basis.
  • Positive and strict management action is exercised to avoid being used for laundering funds associated with Drug Trafficking, Terrorism and other criminal activity.
  • To be none supporting to customers intending to deceive Law Enforcement authorities through providing false, altered, incomplete and missing information.
  • Remain vigilant (alert) to possibility for any above mentioned threats.
  • To monitor that all staff members will ensure day-to-day compliance of Anti-Money Laundering/Counter Financing Terrorism and Anti Fraud obligations within areas of their responsibility.