SECP unveils digital KYC for investors

The Securities and Exchange Commission of Pakistan (SECP) has introduced a digital Know Your Customer (KYC) framework by amending the Anti-Money Laundering Regulations, 2020, making access to capital market and insurance services easier. Under the revised regulations, investors and customers will be able to complete identity verification through their bank account's International Bank Account Number (IBAN), eliminating the need to repeatedly submit verification documents and undergo biometric authentication when opening new stock market accounts. The SECP said securities brokers, insurance companies, Non-Banking Finance Companies (NBFCs), and Modaraba companies will be able to verify customers through their IBAN. All financial transactions will be carried out only through the customer's own verified bank account.