Pakistan, April 25 -- The Securities and Exchange Commission of Pakistan (SECP) has proposed major amendments to the AML/CFT/CPF Regulations, 2020 to strengthen anti-money laundering safeguards while enabling fully digital onboarding of investors, introducing IBAN-based verification, mandatory use of verified bank accounts/e-wallets, and multi-biometric authentication.

Under the proposed framework, IBAN verification through SECP-notified entities, including the National Clearing Company of Pakistan Limited (NCCPL) via RAAST, will be accepted as valid proof of identity, subject to compliance with all AML requirements. Investors will be required to transact only through IBAN-verified bank accounts or e-wallets, improving traceability and r...