SECP simplifies digital investor onboarding for AMCs, PFMs

By MG News | September 29, 2022 at 04:58 PM GMT+05:00

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September 29, 2022 (MLN): In order to simplify the investor onboarding, the Securities and Exchange Commission of Pakistan (SECP) on Thursday allowed asset management companies (AMCs) and pension fund managers (PFMs) to conduct investor identity verification either on their own or by obtaining identification documents from onboarding platform, a press release showed.

“This development will not only support AMCs and PFMs in smooth integration with potential branchless banking operators and Electronic Money Institutions but will also assist in complying with applicable requirements of AML/ CFT regulatory framework,” it added.

The move will promote smart investing and ensure provision of seamless onboarding experience for mutual fund investors.

The SECP also introduced ‘Sehl Sarmayakari Accounts’ to promote micro-savings culture where a customer can be seamlessly onboarded through digital wallets operators without any additional documentation to the AMCs.

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