The Presidents/Chief Executives

All Banks/DFIs

Dear Sir / Madam,

Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations- The requirement of National Tax Number (NTN)

1. 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.