The Presidents / Chief Executives,
All Banks/DFIs.

Dear Sirs/Madams,

Measures to Mitigate COVID-19 Pandemic – AML/CFT Regulations

Please refer to BPRD Circular Letter No. 09 dated March 26, 2020.

2. Keeping in view the ongoing impact of the COVID-19 pandemic in the country, it has been decided to extend the validity of the measures stipulated in the above referred Circular Letter from June 30, 2020 to December 31, 2020.
3. In addition, it has been observed that customers including overseas Pakistanis, walk-in customers and occasional customers are experiencing problems with regard to operation of their bank accounts, execution of financial transactions and obtaining financial services from Banks/DFIs. The following revisions are being made in the existing AML/CFT requirements to facilitate such customers:
   1. Banks/DFIs may use the NADRA Verisys in place of obtaining certified photocopies of required NADRA identity documents and biometric verification wherever required under SBP AML/CFT Regulations, including requests for activation of dormant accounts by customers. They shall retain the NADRA Verisys for record keeping requirements (digitally or in hard copy).
   2. Banks/DFIs may update customer records with regard to postal address, email address, registered mobile number or landline number. They may use any of these communication channels for ensuring efficient and reliable communication with customers, including where customer requests/instructions are required under AML/CFT Regulations, such as activation of dormant accounts.
4. Further, the requirement of originator’s and beneficiary’s address in wire transfers under Regulation-3, paragraphs (3c & 3e) of the AML/CFT Regulations for Banks/DFIs has been amended as follows:

5. These instructions shall be enforceable with effect from July 01, 2020.
6. Please acknowledge receipt.