Tuesday, April 16, 2024

SECP lays down minimum conditions to open digital accounts

The Securities and Exchange Commission of Pakistan (SECP) has laid down minimum conditions for the opening of digital accounts by asset management firms for individual Pakistani clients (AMCs).

Circular 35 of 2020 was released by the SECP here on Friday.

Under the conditions of the SECP, the qualifying customers for the said digital accounts included individual Pakistani customers having: i. An active mobile account in any bank/active mobile e-wallet account and an active mobile phone number in its own name.

Minimum customer details/personal profile/documents required by AMCs disclosed that the customer is required to access the online portal (website, movie app, or other third-party application) and provide the following minimum information for the purposes of registration.

  • Name customers;
  • Name of father / spouse;
  • Birth date;
  • A scanned copy of the CNIC/Identification Number with date of issue and expiry;
  • Current mailing address and residential address;
  • Licensed Mobile Number in his/her name.

Given that the AMCs may use the mobile number of a close family member or the mobile number provided by his/her employer to Pakistani Individual Customers in special circumstances where the Pakistani Individual Customer does not have a mobile number in his/her own name, the mobile number of a close family member or the mobile number provided by his/her employer to Pakistani Individual Customers, or the international mobile number of Pakistan Individual Customer with CNIC/ NICOP and an active account at any bank/an active mobile e-wallet account, subject to the following conditions:

In the case where a mobile number of a close family member is issued, both the Pakistani individual customers and the person whose mobile number is being provided shall have a properly signed written authorization, in the specified format.

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