AIRLINK 74.00 Decreased By ▼ -1.30 (-1.73%)
BOP 4.90 Decreased By ▼ -0.04 (-0.81%)
CNERGY 4.33 Decreased By ▼ -0.06 (-1.37%)
DFML 39.16 Decreased By ▼ -2.02 (-4.91%)
DGKC 85.00 Increased By ▲ 1.69 (2.03%)
FCCL 22.39 Increased By ▲ 0.74 (3.42%)
FFBL 31.60 Decreased By ▼ -0.40 (-1.25%)
FFL 9.29 Decreased By ▼ -0.13 (-1.38%)
GGL 10.04 Decreased By ▼ -0.04 (-0.4%)
HASCOL 6.76 Decreased By ▼ -0.06 (-0.88%)
HBL 113.80 Decreased By ▼ -0.20 (-0.18%)
HUBC 139.34 Increased By ▲ 0.24 (0.17%)
HUMNL 11.77 Decreased By ▼ -0.23 (-1.92%)
KEL 4.84 Decreased By ▼ -0.07 (-1.43%)
KOSM 4.38 Increased By ▲ 0.02 (0.46%)
MLCF 37.70 Increased By ▲ 0.19 (0.51%)
OGDC 131.99 Decreased By ▼ -0.86 (-0.65%)
PAEL 24.20 Decreased By ▼ -0.65 (-2.62%)
PIBTL 6.45 Decreased By ▼ -0.15 (-2.27%)
PPL 118.03 Increased By ▲ 0.23 (0.2%)
PRL 25.80 Decreased By ▼ -0.26 (-1%)
PTC 13.70 Decreased By ▼ -0.02 (-0.15%)
SEARL 56.70 Decreased By ▼ -0.55 (-0.96%)
SNGP 66.30 Decreased By ▼ -0.20 (-0.3%)
SSGC 10.20 Decreased By ▼ -0.04 (-0.39%)
TELE 8.07 Decreased By ▼ -0.14 (-1.71%)
TPLP 10.70 No Change ▼ 0.00 (0%)
TRG 62.01 Decreased By ▼ -0.39 (-0.63%)
UNITY 26.65 Decreased By ▼ -0.39 (-1.44%)
WTL 1.35 No Change ▼ 0.00 (0%)
BR100 7,828 Decreased By -17.7 (-0.23%)
BR30 25,214 Decreased By -42 (-0.17%)
KSE100 74,787 Decreased By -49.2 (-0.07%)
KSE30 23,994 Decreased By -10.4 (-0.04%)

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed all Asset Management Companies (AMCs) to carry out minimum due diligence for the opening of all accounts.

The SECP officials told Business Recorder here on Saturday that AMCs should conduct verification of the customer identity from Nadra as well as a screening of the customer against applicable sanctions regimes (UNSC, NACTA, etc).

In case of online account opening, verification of contact details/identity through One Time PIN (OTP) on the designated mobile number and/or email address of the Customer, as the case may be. Provided that requirements shall not be applicable in case of “Sehl” accounts, opened through BB/EMI service providers.

According to the SECP officials, AMC shall proceed with opening of account after the customer has successfully accessed the portal using the OTP. Account may be opened after due-diligence checks and satisfactory completion of the requirements as applicable on each Account.

SECP issues updated ‘Master Circular’ for AMCs, IAs

The opening of Sehl account shall require transfer of customer data from the platform through which customer is being on boarded while opening of Sahulat Sarmayakari accounts shall be subject to compliance with applicable legal and regulatory requirements on low risk accounts while Sarmayakari accounts shall be opened once all applicable legal and regulatory requirements for full/normal account are complied with.

Further, a customer will not be able to redeem funds from account until all required verifications are completed for that account, subject to the provisions of NBFC & NE Regulations, 2008 and applicable regulatory framework.

The SECP officials added that the digital verification to conduct online face-to-face interaction on real-time basis or digital Verification of customer’s photograph/selfie shall be mandatory at all types of account opened of all high-risk customers requiring Enhanced Due Diligence (EDD) in line with AML/CFT Regulations.

Copyright Business Recorder, 2023

Comments

Comments are closed.