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SECP has enabled IBAN based digital verification to speed up KYC, reduce paperwork and tighten account-level safeguards for regulated firms.
The Securities and Exchange Commission of Pakistan has introduced IBAN-based digital verification to speed up customer onboarding and reduce repeated paperwork for regulated financial firms. The move is part of a broader push to modernize the country’s financial system while keeping anti-money laundering and customer verification safeguards in place.
The SECP said it has amended the AML/CFT/CPF Regulations, 2020, allowing regulated persons including securities brokers, futures brokers, insurers, takaful operators, non-bank finance companies and modarabas to verify customers using their IBAN details to complete KYC requirements. The regulator said the new framework is meant to make financial access faster, simpler and less burdened by manual documentation.
According to the commission, the revised rules recognize digital verification as an alternative to traditional onboarding methods. That change is expected to help investors and customers access regulated financial services more efficiently, without compromising regulatory oversight or traceability.
At the same time, the SECP has added tougher checks to reduce the risk of unauthorized activity. Under the new framework, all future transactions will be restricted to verified bank accounts held in the customer’s own name, a step designed to strengthen transparency and make financial flows easier to track.
The regulator has also expanded biometric verification options in line with initiatives linked to the National Database and Registration Authority. These include facial recognition, while customer accounts linked with NADRA-blocked or impounded CNICs will be blocked immediately under the revised rules.
In addition, the SECP has recognized digital logs as valid records for AML/CFT compliance and data retention purposes. Prescribed forms have also been updated in line with the Companies Regulations, 2024, reflecting the regulator’s shift toward paper-light, tech-enabled compliance.
The SECP said the changes are meant to support digital access, improve ease of doing business and ensure secure and reliable customer verification. The move also comes as Pakistan’s market watchdog continues to push digital tools to modernize investor onboarding and expand participation in financial services.
