November 04, 2024 (MLN): The National Clearing Company of Pakistan Limited (NCCPL) has announced that the necessary provision has been successfully introduced and made available in KIS in the form of a report that will enable all AIs to confirm the NADRA VERYSIS status of its customers.
NADRA VERYSIS facility is used by Securities Brokers and subsequent changes were required to be adopted by the SBs on account of its migration to a secured medium, Point-to-Point (P2P) BPVN notified by NADRA.
In this respect, SBs using this facility for verification of its Customers’ identity to ensure compliance with the AML/CFT framework, through Pakistan Stock Broker Association “PSBA”, wrote a letter to SECP and highlighted therein the practical and technical difficulties anticipated to be faced by SBs to adopt the new requirements prescribed for using the VERISYS facility and its significant cost implication.
Accordingly, the matter was thoroughly reviewed and deliberated among PSBA, SECP and NCCPL and it has been envisaged that identity verification of a customer performed by NCCPL using the NADRA VERISYS facility as Centralized KYC Organization (“CKO) may also be relied upon by the SB.
However, the extent of any such reliance will remain limited to the validation of identity document.
