July 14, 2020 (MLN): The State Bank of Pakistan has decided to extend the validity of the measures to mitigate COVID-19 Pandemic from 30th June 2020 to December 31, 2020, keeping in view the ongoing impact of COVID-19 pandemic in the country.
Accordingly, Microfinance Banks (MFBs) shall resume biometric verification, with revised timelines of January 31, 2021, and March 31, 2021, for customers assigned medium and normal priorities, respectively.
In addition, SBP has observed that customers including (overseas Pakistani /walk-in/ occasional) are experiencing problems with regard to operation in their bank accounts, ensuring execution of financial transactions by them, and getting financial services from MFBs. The following revisions are being made in the existing AML/CFT requirements to facilitate such customers:
- MFBs may use the NADRA Verisys in place of obtaining certified photocopies of required NADRA identity documents and biometric verifications wherever required as per SBP AML/CFT Regulations including for request of activation of the dormant account by customers. They should retain the NADRA Verisys for record-keeping requirements (digitally or hard copy).
- MFBs to update records of their customers with regard to their postal address or email address or register mobile number or landline number. They may use either of these medium for ensuring efficient and reliable communications with their customers including whereever customer request/instruction is desired as per the requirement of AML/CFT regulation including for activation of dormant bank accounts.
Further, the requirement of originator's and beneficiary's address in wire transfer have been amended, wherein MFB shall include the following information in the message or payment instruction, which should accompany or remain with the wire transfer throughout the payment chain:
- the originator's CNIC/ passport number
- the beneficiary's CNIC/ passport number
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