Regulatory Alerts2022-10-12
Added · Updated
Circular No. 9 of 2022 – Regulatory Framework for Account Opening by AMCs
The Securities and Exchange Commission of Pakistan amends Circular 26 of 2021 by changing the word 'shall' to 'may' in clause 4.1 regarding customer onboarding channels. It mandates that Asset Management Companies must conduct NADRA verification directly if a scanned copy of the customer’s identification document is not obtained through the onboarding platform. Additionally, the section concerning the activation of dormant and blocked accounts is deleted, while all other existing requirements remain unchanged.
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