ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has proposed major amendments to the AML/CFT/CPF Regulations, 2020, to strengthen anti-money laundering safeguards while enabling fully digital onboarding of investors, introducing IBAN-based verification, mandatory use of verified bank accounts/e-wallets, and multi-biometric authentication.
Under the proposed framework, IBAN verification through SECP-notified entities, including the National Clearing Company of Pakistan Limited (NCCPL) via RAAST, will be accepted as valid proof of identity, subject to compliance with all AML requirements. Investors will be required to transact only through IBAN-verified bank accounts or e-wallets, improving traceability and reducing risks of unauthorized transactions.
The amendments also introduce a multi-biometric verification system, including facial recognition, aligned with systems of the National Database and Registration Authority (NADRA), to further strengthen identity authentication.
SECP has clarified that Regulated Persons (RPs) will continue to bear full responsibility for KYC, due diligence, transaction monitoring, and AML compliance.
The draft amendments have been issued for public consultation and are available on SECP’s website for feedback within 14 days.
