Go biometric on your bank accounts, overseas Pakistanis told

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Go biometric on your bank accounts, overseas Pakistanis told
Non-resident Pakistanis have been facing difficulties operating their bank accounts due to non-biometric verifications.

Dubai - Arrangement made in line with central bank's continuous monitoring of progress of banking industry with respect to biometric verification

By Waheed Abbas

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Published: Fri 25 Oct 2019, 10:14 PM

Last updated: Sat 26 Oct 2019, 12:56 PM

The State Bank of Pakistan (SBP) has initiated biometric verifications of overseas Pakistanis' bank accounts.
The apex bank said in a statement on its website that overseas Pakistanis may approach their respective banks through e-mail or surface mail and provide identity documents like a valid passport, visa, CNIC and National Identity Card for Overseas Pakistanis as an alternative arrangement for biometric verification.
Non-resident Pakistanis have been facing difficulties operating their bank accounts due to non-biometric verifications.
The arrangement has been made in line with the central bank's continuous monitoring of the progress of the banking industry with respect to biometric verification.
The regulator asked banks to extend their fullest cooperation to their overseas customers.
Pakistan has been asked to improve its regulations and ensure clarity in financial transactions of individuals and companies under terror financing and anti-monetary laundering to be removed from the Financial Action Task Force's grey list.
Earlier this year, the central bank asked all lenders in a circular for compliance on the AML/CFT regime that deals with biometric verification.
Some Pakistanis faced problems remitting their funds as their accounts were suspended due to the condition of biometric verification.
Overseas Pakistani remitted $5.478 billion in the first three months of FY20, compared to $5.557 billion received a year ago.
- waheedabbas@khaleejtimes.com



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