SECP syncs eServices with MNP

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has integrated its eServices with Pakistan Mobile Number Portability (MNP) Database (Guarantee) Limited to verify cell number of applicants against their CNICs to improve security of electronic filings and company registration process.

This development also holds importance in the context of anti-money laundering and combating the financing of terrorism (AML/CFT) endeavours being undertaken by the commission, a statement said on Monday. “It is an important development in the context of challenges posed by AML and CFT also.”

The verification of cell phone number of directors and sponsors of a company would also eliminate the chances of misuse of CNIC or cell number of any individual for fraudulent purposes. Verification of CNICs with NADRA databases was already in practice. The whole verification process was fully electronic and instant, it added.

The SECP has provided the facility of online submissions of returns since 2008. Since then it has been continuously working on improvement of its online portal “eServices” in order to ensure secure and efficient service delivery to the entrepreneurs and the corporate sector.