Business Pakistan

Biometric verification of bank accounts for overseas Pakistanis begins

The State Bank of Pakistan (SBP) has initiated biometric verification of bank accounts for overseas Pakistanis.

The apex bank said in a statement on its website that overseas Pakistanis may approach their respective banks through email/surface mail and provide identity documents like valid passport, visa, CNIC and NICOP (National Identity Card for Overseas Pakistanis) as an alternative arrangement for biometric verification for operating their bank accounts as usual.

Non-resident Pakistanis have been facing difficulties operating their bank accounts due to lack of biometric verification of their accounts.

The arrangement has been made in line with State 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.

Detailed instructions regarding biometric verification are available on the SBP’s website.

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 FATF grey list.

Earlier this year, the central bank asked all banks in a circular for compliance about AML/CFT regime that deal with biometric verification of customers.

Some Pakistanis faced problems in remitting their funds as their accounts were suspended due to the biometric verification requirement.

Overseas Pakistani workers remitted $5.478 billion in the first three months (July to September) of FY20, compared with $5.557 billion received during the same period in the preceding year.

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