Pakistan, July 12 -- The Securities and Exchange Commission of Pakistan (SECP) introduced on Saturday IBAN-based digital verification to enable faster and easier onboarding of customers.

As per a statement, the new verification will allow investors to access financial services without unnecessary documentation and repeated verification requirements. "To facilitate this digital transformation, the SECP has amended the AML/CFT/CPF Regulations, 2020, allowing Regulated Persons, including Securities Brokers, Futures Brokers, Insurers, Takaful Operators, NBFCs and Modarabas, to verify customers using their IBAN details for completion of KYC requirements," the statement said. The initiative is part of SECP's efforts to leverage technology for ...