Another milestone achieved – National Clearing Company of Pakistan Limited (NCCPL) is pleased to announce that as a Centralized Know Your Customer “KYC” Organization “CKO” licensed under the Centralized KYC Organization Rules, 2017, it has commenced its services effective from July 17, 2019.
The KYC system has been developed using state-of-the-art technology and keeping the needs of market participants under consideration. The account opening process will become more reliable and secure due to the prescribed requirement of bio-metric verification for local individual customers. To facilitate the market participants, NCCPL has made available multiple options for biometric verification to ensure that it can be done across the country. The facility of opening Sahulat Account for Customers with simplified KYC requirements has also been made available to Authorized Intermediaries (AIs) in KYC Information System (KIS).
Under the CKO regime, the trading Account Opening Form and CDC Sub-Account Opening Form have been merged into a single Customer Relationship Form (CRF). Furthermore, customer would be able to upgrade their KYC related information into the database by approaching any of the AI.
For provision of complete understanding of CKO process, NCCPL has placed all relevant details on its website
The management of NCCPL is confident in saying that this in-house developed system will empower investors, and bring more transparency and efficiency in the overall Capital Market operations.