NCCPL introduces one-time biometric verification for Pakistani customers

March 01, 2023 (MLN): The National Clearing Company of Pakistan Limited (NCCPL) has approved amendments to the Centralized Know Your Customer (KYC) Organization (CKO) Regulations 2017 pertaining to Application Programming Interface (API) connectivity with NADRA for CNIC verification of resident individual Pakistani customers and with State Bank of Pakistan (SBP) for IBAN verification through RAAST.

These amendments are aimed at simplifying and improving the online account opening process. As per the circular issued on January 27, 2023, the new services will be implemented from March 6, 2023.

The only change in the existing account opening process is that resident individual Pakistani customers completing the Customer Verification either through KYC Information System (KIS) or Online Account opening shall be required to perform one-time biometric verification through the smartphone application named “NCC Bio Verify” developed by NCCPL.

To facilitate the Authorized Intermediaries (AIs), the NCCPL has also enclosed guidelines on how to perform one-time biometric verification through NCC BioVerify Application, technical details and required specifications for the application, and changes in KIS screens and reports.

To provide complete understanding to the market participants, an awareness session will be held at the PSX auditorium on Thursday, March 02, 2023, at 3:45 pm.

Authorized Intermediaries of Karachi, Lahore, and Islamabad can also join this session via the zoom link, which will be shared shortly. All other requirements under CKO Regulations 2017 shall remain applicable.

Copyright Mettis Link News