Under SECP AML/CFT Guidelines 2018, section 9(b) (iv) – Existing Customers:
iv. Where an RP is unable to complete and comply with CDD requirements as specified in the Regulations, it shall not open the account, commence a business relationship, or perform the transaction. If the business relationship has already been established, the RP shall terminate the relationship. Additionally, the RP shall consider making a STR to the FMU.
The customer should be is provided with fair opportunity to remove the discrepancies and in cases, where he is unable to comply with the relevant CDD measures, the business relationship should be terminated.