The Securities and Exchange Commission of Pakistan has proposed amendments to anti-money laundering regulations to further simplify digital onboarding for investors in the stock market.
According to the regulator, the proposed changes aim to make the investment process more efficient while strengthening security and compliance standards.
Under the new framework, investor account verification will be enabled through IBAN and the Raast system, allowing faster and more streamlined verification procedures.
The SECP said that the know-your-customer (KYC) process for investors with bank accounts will also be simplified and expedited under the revised rules.
As per the proposed mechanism, investors will only be able to conduct transactions through verified bank accounts or e-wallets, ensuring greater transparency and traceability.
In addition, the regulator is preparing to introduce a facial recognition system in collaboration with National Database and Registration Authority to further strengthen identity verification.
The SECP noted that while promoting digital investment channels, efforts are also underway to modernise the anti-money laundering framework in line with international standards. The draft amendments have been published on the commission’s website for public consultation.