Please refer to Annexure-I to the AML/CFT Regulations which requires banks/DFIs to obtain NTN, wherever applicable, in case of establishing banking relationship with Sole Proprietors.

2.         It is clarified that the requirement of obtaining NTN depends upon availability/ issuance of NTN by tax authorities. The requirement of NTN should not be the reason for refusal of banking services to the customers, especially, where bank account is a prerequisite for obtaining NTN as per FBR’s criteria. The banks/DFIs should facilitate their customers in opening bank accounts and subsequently obtain NTN when issued by the FBR.

3.         The above is being updated as Note: 8 of Annexure-I to AML/CFT Regulations.

4.         Please acknowledge receipt.

Encls: Revised AML/CFT Regulations