ISLAMABAD – The Securities and Exchange Commission of Pakistan (SECP) has introduced a digital Know Your Customer (KYC) system aimed at making access to capital markets and insurance services easier and more efficient.
Under the new measures, the SECP has amended the Anti-Money Laundering Regulations 2020, allowing investors and customers to be verified through their bank account’s IBAN details.
The regulatory changes remove the requirement for repeated biometric verification and submission of additional verification documents for opening new accounts in the stock market.
Securities brokers, insurance companies, non-banking finance companies (NBFCs) and Modaraba firms will now be able to verify customers through their registered bank accounts.
The SECP said all financial transactions will be conducted only through customers’ verified personal bank accounts, which will improve transparency and traceability in financial activities.
The revised regulations also include modern biometric verification methods, including facial recognition technology.
SECP Chairman Dr Kabir Sidhu said investment accounts linked with blocked identity cards issued by NADRA can now be immediately frozen, adding that technology is being used to make investment processes safer, simpler and more transparent.
