SECP Proposes IBAN, Biometric Verification for Digital Investor Onboarding
Summary
SECP has proposed amendments to the AML/CFT/CPF Regulations, 2020 introducing IBAN-based verification through SECP-notified entities including NCCPL via RAAST as valid proof of identity, mandatory use of verified bank accounts or e-wallets for investor transactions, and multi-biometric verification including facial recognition aligned with NADRA systems. Regulated Persons will continue to bear full responsibility for KYC, due diligence, transaction monitoring, and AML compliance. The draft amendments are open for public consultation for 14 days.
“SECP has clarified that Regulated Persons (RPs) will continue to bear full responsibility for KYC, due diligence, transaction monitoring, and AML compliance.”
About this source
GovPing monitors SECP Pakistan for new securities & markets regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 12 changes logged to date.
What changed
The proposed amendments introduce three new verification mechanisms for the digital onboarding of investors in Pakistan's securities market: IBAN-based identity verification through SECP-notified entities, mandatory use of IBAN-verified bank accounts or e-wallets for all transactions, and multi-biometric authentication including facial recognition. The amendments aim to strengthen AML safeguards while enabling fully paperless onboarding processes.
Regulated Persons in Pakistan's securities market should prepare for enhanced identity verification requirements and review existing KYC infrastructure for compatibility with IBAN-based and biometric authentication systems aligned with NADRA standards. Firms should assess operational readiness to implement transaction restrictions requiring all customer funds to flow through verified accounts.
Archived snapshot
Apr 28, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) PRESS RELEASE For immediate release April 24, 2026 SECP Strengthens Anti-Money Laundering Framework, Proposes IBAN, Biometric Verificationfor Digital Onboarding of Investors ISLAMABAD, April 24: The Securities and Exchange Commission of Pakistan (SECP) has proposed major amendments to the AML/CFT/CPF Regulations, 2020 to strengthen anti-mon-ey laundering safeguards while enabling fully digital onboarding of investors, introducing IB-AN-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 re-ducing risks of unauthorized transactions.The amendments also introduce a multi-biometric verification system, including facial recogni-tion, aligned with systems of the National Database and Registration Authority (NADRA), to fur-ther 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.
Securities and Exchange Commission of PakistanNICL Building, 63 Jinnah Avenue, IslamabadSECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP)PRESS RELEASE24 For immediate release (AML) April 24, 2026 1234 (AML/CFT/CPF): 2022 (IBAN) 14Facial Recognition(KYC)
Securities and Exchange Commission of PakistanNICL Building, 63 Jinnah Avenue, Islamabad
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