Karachi – The State Bank of Pakistan (SBP) has introduced key regulatory changes to expand the scope of Roshan Digital Accounts (RDA), allowing broader access for non-resident individuals and foreign corporate entities.
In a circular issued on Tuesday, the central bank amended its Consolidated Customer Onboarding Framework to include all non-resident persons—both natural and juridical—falling under the definition provided in the Income Tax Ordinance, 2001. This move significantly widens the eligibility criteria for opening Roshan Digital Accounts, which were previously limited to non-resident Pakistanis and certain categories of individuals.
According to the updated framework, digital onboarding is now permitted for all residents and non-residents, including foreign individuals and companies. This marks a major shift aimed at enhancing financial inclusion and facilitating foreign investment into Pakistan.
The SBP clarified that there is no change in the account opening process for non-resident Pakistanis and Pakistan Origin Card (POC) holders. Banks have been instructed to ensure a seamless and user-friendly onboarding experience while complying strictly with updated regulations.
For corporate customers, financial institutions are now allowed to verify documents through relevant online portals of regulatory authorities or obtain apostille, consularized, or notarized documents where required. Additionally, banks can rely on Know Your Customer (KYC) and Customer Due Diligence (CDD) processes conducted by third-party regulated financial institutions, including foreign correspondents.
The framework also introduces stricter verification requirements for non-resident individuals and entities, ensuring transparency and compliance with anti-money laundering standards.
These changes are effective immediately, with banks directed to ensure full compliance. The initiative is expected to boost foreign participation in Pakistan’s banking system and strengthen inflows through formal financial channels.