Karachi March 30 2022: On June 17, 2019, Securities Brokers were allowed to open Sahulat Account of individual resident Pakistani customers by filling Sahulat Know Your Customer (KYC) Application Form' andSahulat Account Opening Form’ with effect from June 17, 2019 and key features of Sahulat Account were also notified.
It must be noted that the Securities Brokers can open Sahulat Account of only those individuals who are resident Pakistani and identified as low-risk’ through risk assessment. In such cases, the Securities Broker may apply simplified due diligence measures which include verification of identity of customers.
Moreover, this is to clarify that no specific evidence of source of income is required to be obtained from the customers, such as salary slips for salaried individuals and others, when opening their Sahulat Accounts and the Securities Brokers are required to document the assessed low risk of such customers in compliance with the Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2020 and Guidelines made thereunder.
