Karachi, October 26, 2023 – The State Bank of Pakistan (SBP) has taken a significant step to combat money laundering and terrorist financing by making biometric verification mandatory for all branchless banking (BB) transactions.
KARACHI: The State Bank of Pakistan (SBP) on Friday issued instructions regarding biometric verification of pensioners. Prior to these instructions the SBP issued BC&CPD Circular Letter No. 01 dated February 01, 2021 and File Letter No. BC&CPD/O&SSD/BVS/5873 dated May 27, 2021 on the subject. The Finance Division issued a letter on December 08, 2021 on […]
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) has issued guidelines to register / verify all investors of stock market through biometric system. The NCCPL on Monday issued communication to Pakistan Stock Exchange (PSX) to direct all authorized intermediaries (AI) and clearing members to register existing customers in Centralized Know Your Customer (CKO). The NCCPL […]
ISLAMABAD: The government will conduct biometric verification of all investors of National Saving Schemes in order to make compliance with recommendations of Financial Action Task Force (FATF), a statement issued by Finance Division said on Saturday. Asia Pacific Group in its recently published Mutual Evaluation Report (MER 2019), has pointed out number of deficiencies on […]
KARACHI: State Bank of Pakistan (SBP) has directed financial institutions to ensure biometric verification of branchless banking customers by March 31, 2020. In a circular issued on Tuesday directed all banks and microfinance banks to complete biometric verification of all level-1 accounts by March 31, 2020. In case biometric verification is not performed, the financial […]
KARACHI: Around 7.65 million bank accounts are still unverified till June 30, 2019. The verification of bank accounts is mandatory through biometric system in order to mitigate risks of money laundering and terror financing. The State Bank of Pakistan (SBP) in Annual Performance Review 2018/2019 issued on October 30, 2019, said that around 86 percent […]
KARACHI: State Bank of Pakistan (SBP) has facilitated overseas Pakistanis in their biometric verification for operating bank accounts. In a statement on Thursday, the SBP said that realizing difficulties being faced by overseas Pakistan in operating their bank accounts due to non-biometric verification of their accounts, State Bank of Pakistan has issued detailed instructions on […]
KARACHI: The State Bank of Pakistan (SBP) on Monday issued instructions for biometric verifications of bank account holders of Pakistanis living abroad. The banks are conducting biometric verification of existing customers in compliance of Anti Money Laundering/ Counter Finance Terrorism (CFT) Regimes. a. Non-resident Pakistanis (NRPs) as defined in Income Tax Ordinance, 2001 – Chapter […]