In order to ensure fair and equitable treatment
of bank’s customers referred to as Politically
Exposed Persons (PEPs), the State Bank of
Pakistan (SBP) has devised the following Standard
Operating Procedures (SOPs) to facilitate
and streamline account opening process without
compromising due diligence requirements prescribed
under AML / CFT regime:
(i) The bank upon receiving account opening
request from PEP shall ensure that the basic
requirements like Account Opening Form/Specimen
Signature Card and Biometric Verification
of the customer are completed on the same
day;
(ii) on the same day, the person shall
be guided regarding specific requirements
/ formalities required for opening of an
account. Further, the concerned branch shall
report the details of the request made by
PEP to the focal person nominated by the
bank in line with instructions of BPRD Circular
Letter No. 27 of 2015;
(iii) within two working days of receipt
of documents from PEP, the bank shall inform
him / her in writing, the deficiencies,
if any, in the documents or further clarifications
required;
(iv) once the deficiencies have been removed
by PEP and all due diligence requirements
have been satisfactorily completed, the
account shall be opened by the bank within
two working days;
(v) in case the bank decides to refuse
any request for account opening, within
two working days, the reasons of refusal
shall be conveyed in writing to the applicant
in line with the instructions of BPRD Circular
Letter No. 14 of 2017;
(vi) in line with abovementioned Circular,
the bank shall maintain separate files of
all approved and rejected cases of PEPs.
SBP inspection team during inspection of
the bank may review the record especially
the rejected cases;
(vii) the bank shall
report the following details of rejected
cases of PEPs to the Director, Banking Conduct
& Consumer Protection Department of
SBP on monthly basis within 7 days of the
close of every month;
A. Details of Banking Services / Facilities
Refused to PEPs (Politicians only) during
the month:
Name
& Position of PEP
(Politicians Only) |
Type
of Banking Service / Facility
Requested along with the Date |
Reasons
for Refusal along
with the Date of Letter |
| |
|
|
B. Details of Banking Services / Facilities
Refused to PEPs (Other than Politicians) during
the month:
Name
& Position of PEP
(Other than Politicians) |
Type
of Banking Service / Facility
Requested along with the Date |
Reasons
for Refusal along
with the Date of Letter |
| |
|
|
(viii) Any PEP having grievance / disagreement
with bank’s decision may contact the
bank’s focal person nominated for
the purpose. Banks have already been advised
to prominently display the contact details
of their and SBP’s focal person for
PEP’s at their branches. The contact
details of focal persons appointed by banks
and SBP are also available at SBP website
http://www.sbp.org.pk/cpd/pdf/PEP.pdf
(ix) The focal person shall guide PEP and
ensure early resolution of the issue in
light of applicable policies, rules &
regulations.
(x) If the grievance of PEP is not resolved
within 15 days after registration of his
/ her complaint with bank’s focal
person or if he / she is not satisfied with
the conclusion, then he / she may directly
contact the focal person appointed by SBP.
(xi) The bank's focal person shall maintain
a proper MIS for all requests/grievances
received from PEPs (allocating unique diary
number) in order to monitor its progress
at different stages.
(xii) The focal person shall be responsible
to facilitate PEPs and monitor the progress
of their request.
(xiii) The bank shall provide special assistance
to PEPs and treat them with respect and
due care during the account opening process.
2. Banks are advised to immediately disseminate
the abovementioned instructions down the line
to all of their branches and business locations
to ensure compliance of the same in letter
and spirit. Any non-compliance would be strictly
dealt with penal provisions of Banking Companies
Ordinance, 1962.
3. Please acknowledge receipt.