The Securities and Exchange Commission of Pakistan (SECP) has introduced a new digital system to make financial services faster and simpler. On July 11, 2026, SECP announced IBAN-based digital verification for customer onboarding.
This change allows investors and customers to access services without filling too many forms or repeating the same checks. People can now verify their identity using their bank IBAN details. It is part of updated Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) Regulations.
Regulated companies like stock brokers, insurance firms, non-banking finance companies (NBFCs), and modarabas can use this system. They will work with approved entities such as the National Clearing Company of Pakistan to check IBAN information quickly and safely.
The new rules also support advanced biometric options like facial recognition in line with NADRA systems. Accounts linked to blocked or impounded CNICs will be automatically blocked. All future money transactions must go only to bank accounts in the customer’s own name. This step improves security, reduces fraud, and increases transparency.
SECP says the move will promote digital access, improve ease of doing business, and modernise Pakistan’s financial system. Digital records will now be accepted as official proofs for compliance. Updated forms align with the latest Companies Regulations.
This initiative is expected to save time for millions of investors and help Pakistan’s growing digital economy.