ISLAMABAD: In its bid to facilitate the digital onboarding of investors in different asset classes in the regulated sectors and evade repeated KYC processing, the Securities and Exchange Commission of Pakistan (SECP) has approved the development of a centralised digital onboarding platform — the Centralized Gateway Portal.
The platform will offer a uniform digital onboarding process and standardised KYC requirements, along with one-time KYC information processing.
SECP has tasked the Central Depository Company of Pakistan Limited (CDC) to develop and implement the portal, potentially, within the period of three months.
Pursuant to the above, customers who will onboard through the digital portal, will only be required to fill KYC requirements once.
While opening another account with any of the above-mentioned SECP-regulated entities, they will not be required to re-submit the KYC information and documents in the same or different asset class.
The one-time KYC information processing will be applicable to securities brokers, futures brokers, asset management companies & insurance Companies and their distribution agents, Securities & Futures Advisors and Investment Advisors.
This will significantly facilitate customers, remove duplication and streamline the customer onboarding process.
The portal also aims to take advantage of advancements in technology and offer a user-friendly and efficient digital onboarding mechanism, while reducing turnaround time for opening of accounts.
It is also expected to bring efficiency in AML/CGT compliance by centralised identity verification, screening of customers and assisting the intermediaries in risk rating of their customers.
For effective implementation of the mechanism for onboarding customers in a swift and simplified manner, the SECP has issued a circular, available on its website, specifying information to be obtained from customers to ensure applicability across all asset classes and bring uniformity in the onboarding process.
Further, industry participants have been instructed to align their account opening forms with the requirements of the circular and establish the required connectivity for sharing customers’ information with portal with the consent of customers.
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