Karachi: In a recent update, the National Clearing Company of Pakistan Limited (NCCPL) has announced an extension to the deadline for the registration of existing customers under the Customer Know Your Client (CKO) regime until October 31, 2024. This extension, detailed in a reminder sent to all Authorized Intermediaries (AI) and Clearing Members, follows a prior circular dated December 29, 2023, which initially extended the deadline from June 17, 2019, to August 30, 2024.
According to information available from the Pakistan Stock Exchange (PSX), this move comes in response to the significant number of investors who have yet to register under the new KYC requirements. The NCCPL has underscored the importance of completing the KYC process within the newly stipulated timeline to avoid potential regulatory actions. The notice emphasizes that failure to comply with the KYC process could prompt the NCCPL to take necessary actions in line with applicable CKO regulations.
Furthermore, the NCCPL is currently validating customer credentials, and the results will be communicated to the respective AIs for registration in the KYC Information System (KIS). The circular also highlights that multiple registration options have been introduced under the CKO regime, aimed at facilitating the registration process for existing customers.
The extension is part of a broader effort to ensure comprehensive compliance and enhance the integrity of the financial system through updated customer databases.