Please refer to the AML/CFT Regulations issued vide BPRD Circular No. 02 dated September 13, 2012 as amended from time to time.
2. With a view to streamline account opening procedure, it has been decided to amend paragraph 11 & 12 of Regulation - 1 of AML/CFT Regulations. Banks/DFIs may accept initial deposit at the time of submission of necessary documents by their prospective customers (individual natural persons only) subject to the following:
(a) Initial deposit receipt will be issued with ‘Disclaimer’ that account shall be opened after completing necessary due diligence including NADRA verification through verisys or bio-metric technology.
(b) A temporary account number shall be generated which will be validated after completion of due diligence process.
(c) The Initial deposit will be credited to customer’s designated account only.
(d) No transaction in the account, issuance of cheque book/ATM Card or any other instrument is allowed until completion of verification of identity of the customer. However, in case, the biometric thumb impression of customer (verified from NADRA) is taken by the bank, the account may be activated instantly subject to satisfactory due diligence.
(e) The branches of banks/DFIs will maintain a list of all such customers/accounts where the business relationship needed to be closed on account of negative verification.
(f) Banks/DFIs shall guide the customers to visit relevant branch to get refund of initial deposit in case of negative NADRA verification.
3. Further, banks/DFIs are advised to make use of bio-metric technology at the branch level for verification of particulars of prospective customers. Installation of bio-metric machines at branches should be completed by December 31, 2015.
4. All other instructions on the subject shall however, remain unchanged.
5. Please acknowledge receipt.
Encls: Revised AML/CFT Regulations