The Securities and Exchange Commission of Pakistan (SECP) has introduced the digital onboarding mechanism for investors of the Asset Management Companies (AMCs), a statement said on Thursday.

According to the SECP’s conditions, the eligible customers for the said digital accounts included Pakistani Individual Customers having: i. an active Account at any Bank/active E-Wallet Mobile Account and an active mobile number in his/her name.

The minimum customer Information/personal profile/documents required by AMCs revealed that the customer shall access the online portal (website, movie App, or any third-party application) and provide the following minimum information for registration:

  • Customers name;
  • Father/spouse name;
  • Date of birth;
  • CNIC/Identification Number with a scanned copy along with the date of issuance and expiry;
  • Existing residential and mailing address;
  • Mobile Number registered in his/ her name.

Provided that the AMCs may in special circumstances use where the Pakistani individual Customer does not have a mobile number in his/her name, the mobile number of a close family member or the mobile number provided to Pakistani Individual Customers by his/her employer, Or the international mobile number of Pakistan individual Customer having CNIC/ NICOP and an active Account at any Bank/ active E-Wallet Mobile Account subject to the following:

In the case where a mobile number of a close family member is provided, a duly signed written authorization, on prescribed format, from both the Pakistani individual Customers and the person whose mobile number is being provided.

The CNIC and mobile number pairing (whether it is registered in the name of the customer) through Pakistan Mobile Network Database (“PMD”). Provided further that in all the circumstances mentioned, the AMC shall perform Digital Verification to conduct online face to face interaction on a real-time basis through any virtual meeting application (WhatsApp, skype, etc.) for authentication of the customer and original identification document.

Provided that for such Pakistani Individual Customers who do not have mobile number is their own name or provide an international mobile number, WAN/E.Wallet Mobile Account Number verification through 1-link title fetch service or IBAN/ & Wallet Mobile Account Number and CNIC Pairing AND Digital Verification to conduct online face to face interaction on a real-time basis shall be mandatory.

The AMC shall ensure before opening the account that all documents required for screening and risk rating are available and it can conduct screening and risk rating, SECP added. The customer will not be allowed to proceed in case the information cannot be successfully verified by AMC.

Source: The International News

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