Alignment of KDA with DNFBP AML/CFT Compliance Framework discussed

KARACHI, Apr 08 (APP):Member Finance – Karachi Development Authority (KDA), Naveed Anwar Siddiqui on Wednesday presided over a high-level meeting with representatives from the Federal Board of Revenue (FBR) to align KDA’s concerned departments with the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) compliance framework applicable to Designated Non-Financial Businesses and Professions (DNFBPs).

The FBR delegation was represented by Deputy Director, DNFBPs Naveed Ali ,  Inspector, DNFBPs Muhammad Talha Iqbal and Administrative Officer, DNFBPs Muhammad Hamad Kamboh, said a statement issued by KDA here.

On behalf of KDA, the meeting was attended by Secretary KDA Arshad Khan, Chief Engineer Abdus Samad Jumalani, Director Land Management Atif Hussain Naqvi, Director Estate & Enforcement Irfan Yousufzai, Director Finance & Accounts Nadeem Shabbir, Director DPUD Shahab Mangi, Deputy Director Administration (IT Department) Aziz Abbasi, Additional Director Administration (Land Management) Rashid Hussain, Additional Director Recovery  Arif Shah, and other senior officials.

During the session, the FBR representatives delivered a comprehensive briefing on the AML/CFT laws, regulatory frameworks, and compliance obligations applicable to DNFBPs. The presentation specifically highlighted the following key areas like the status and applicability of DNFBPs within the real estate sector, the critical importance of Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).

The participants also discussed Identification and verification of Beneficial Ownership, timely filing of Suspicious Transaction Reports (STRs), robust record-keeping and the adoption of a Risk-Based Approach, strict compliance with Targeted Financial Sanctions (TFS).

Furthermore, a thorough review of the current operational workflows of KDA’s Land, Estate, and Recovery Departments was conducted. Practical recommendations were put forward to align these departments with the FBR’s AML/CFT framework, so as to ensure greater transparency, institutional accountability, and effective regulatory oversight on the occasion.

Addressing the gathering, KDA’s Member Finance  Naveed Anwar Siddiqui affirmed that all necessary measures will be undertaken to ensure that financial and property-related transactions within KDA are conducted transparently and efficiently, in full compliance with AML/CFT requirements.

He reaffirmed KDA’s commitment to closely collaborating with the FBR to align the Authority’s institutional systems with both national and international compliance standards.

He further directed all relevant departments to promptly familiarize themselves with their obligations under the DNFBP framework and ensure strict implementation. This proactive approach, he emphasized, is essential to effectively mitigate and prevent any risks related to money laundering or the financing of terrorism.