Circulars/Notifications - Banking Policy & Regulations Department  
 BPRD Circular Letter No. 10 of 2007
March 30, 2007 

The Presidents/ Chief Executive Officers,
All banks/ DFIs

Dear Sirs/ Madam,

Prudential Regulation M-1, Opening of Accounts

Please refer to Prudential Regulations M-1 which requires minimum set of documents to be obtained by banks/ DFIs for opening bank accounts of various categories of customers. The requirement of documents for opening of a bank account of a trust is as follows:

i) Attested copy of Certificate of Registration.
ii) Attested copy of identity cards of all the trustees.
iii) Certified copy of ‘Instrument of Trust’.

2. The matter has been reviewed in the light of representation of banks and it has been decided that submission of attested copy of registered Instrument of Trust or Trust Deed shall ipso facto meet the requirement laid down under (i) & (iii) above and it would not be necessary to obtain separate certificate from the registration authority. Moreover, banks can open bank accounts of trusts covered under section 227 of Companies Ordinance, 1984 including Provident Funds, Gratuity Funds and Pension Funds after obtaining evidence of registration with any Government authority. However, it shall be the responsibility of banks/ DFIs to ensure that opening of Trust Accounts and subsequent operations in the accounts are in accordance with the spirit of Know Your Customer / Customer Due Diligence (KYC/ CDD) and other Anti Money Laundering/ Combating Financing of Terrorism (AML/ CFT) safeguards.

3. All other instructions on the subject shall, however, remain unchanged.

4. Please acknowledge receipt.

Yours truly

Joint Director

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