KARACHI: The State Bank of Pakistan (SBP) has determined to biometric all bank accounts aimed at eliminating fake accounts and end transactions that are illegal. Sources stated that biometric verification is already mandatory for opening of a bank that is new by the State Bank by 1st January 2016; nevertheless, before 2016 banking institutions had been allowed to start bank accounts without biometric verification.
As an element of Anti-Money Laundering and fighting the funding of Terrorism (AML/CFT) efforts, now their State Bank has decided biometric verification of all of the bank records opened before 2016.
There are many 50 million accounts in domestic and foreign banks and all accounts is biometric stage wise, sources said.
In this regard, their state Bank is planning guidelines for banks as well as the formal instructions for verification of most bank accounts will likely be established in the next week, they informed.
Recently, Federal Investigation Agency (FIA) unearthed some fake or “Benami” (unknown) accounts with billions of rupees stability.
FIA found over Rs 2 billion within an account of Abul Qadir – a roadside juice seller, who was even unaware of his banking account as well as billions of rupees stability in his fake account. The State bank, which pointed out to media about billions of rupees worth a country worth the country, will raise a large number of announcements for announcing Biometric plans of all the old bank accounts on this week.
Banking sector who informed sources told the Express for the central bank to step Biometric all bank accounts across the country have an important meeting convened have been and that is expected in a few days.
It is clear that all commercial banks have opened up to 5 million accounts, while the notification of biometric accounts across the country was released in 2015. Since June 2016, all bank accounts are being operated after biometric but bio-matriculation of old bank accounts opened before the year 2016, have been developed a comprehensive plan for effective implementation.