SBP streamlines ASAAN mobile account verification with call back confirmation

By MG News | March 28, 2024 at 02:48 PM GMT+05:00

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March 28, 2024 (MLN): The State Bank of Pakistan (SBP) has authorized banks/ MFBs to conduct “Call Back Confirmation (CBC)” on ASAAN Mobile Accounts (AMAs) within 30 days from their opening, instead of performing biometric verification within 60 days from the opening of AMAs.

This will facilitate AMA customers, especially women, to continue availing of financial services through a seamless digital process.

Further, banks/ MFBs are advised to conduct CBC of all AMA customers whose accounts have been opened after the lapse of the subject temporary waiver on May 10, 2023, and have not been biometrically verified.

These steps adopted by the central bank are to accelerate the level of outreach of BB operations for achieving the objective of financial inclusion and strengthening the controls related to Money Laundering (ML)/ Terrorist Financing (TF) risks.

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