SECP IBAN Verification Plan to Transform Investor Onboarding in Pakistan

The SECP IBAN verification plan aims to change how investors join financial platforms. It focuses on secure and simple digital onboarding. As a result, users can complete verification without visiting offices.
The Securities and Exchange Commission of Pakistan wants to improve transparency. It also aims to reduce financial crime risks. Therefore, the new system combines banking data with biometric tools.

How IBAN and E-Wallet Verification Works

Under this plan, investors must use verified bank accounts or e-wallets. These accounts will link through IBAN for all transactions. As a result, every activity becomes traceable and secure. The system will work through approved entities like the National Clearing Company of Pakistan. In addition, platforms such as RAAST will help validate account details. This process ensures accuracy and reduces fraud risks.

Biometric Checks and Face Recognition

The plan also introduces advanced biometric verification. For example, it includes facial recognition linked with NADRA databases. This step strengthens identity checks and prevents fake accounts. Moreover, multi biometric tools add another layer of protection. However, companies must still verify customer details. They also need to monitor transactions and follow AML rules carefully.

A Step Toward Safer Digital Finance

This move supports fully digital onboarding for investors. At the same time, it keeps strict anti money laundering safeguards in place. Therefore, the system balances convenience with security. Experts believe this plan can build trust in Pakistan’s financial sector. In addition, it may attract more digital investors. As a result, the market could see steady growth in the coming years.