Circulars/Notifications - Banking Policy & Regulations Department  
 BPRD Circular Letter No. 19 of 2021
June 07, 2021

The Presidents/Chief Executives
All SBP Regulated Entities (REs)

Dear Sir/Madam,

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

Considering the intensity and ongoing impact of COVID-19 pandemic in the country, it has been decided to provide the following relaxations to ease the challenges faced by banks/ DFIs/ MFBs and their account holders due to the COVID-19 pandemic:            

  • BPRD Circular Letter No. 52 of 2020
    It has been decided to extend the validity of measures stipulated in above referred Circular Letter from June 30, 2021 to December 31, 2021.
  • BPRD Circular Letter No. 09 of 2020 & ACMFD Circular Letter No. 03 of 2020
    Para A(i)(a) – The requirement stipulated in referred Circular Letters for acknowledgment of physical presence of the customer for opening accounts without biometric verification may be relaxed by banks, in case of bank accounts of legal persons/ arrangements where the signatories (persons authorized to open or operate the accounts) are unable to travel to Pakistan amid COVID-19 restrictions. However, bank shall ensure customers’ consent and take necessary measures to mitigate risk of identity theft. This provision is only applicable for accounts of legal persons/ arrangements resident in Pakistan, whose signatories are temporarily outside Pakistan.
  • AML/CFT/CPF Regulations
    Definition- 25 - REs may not mark any accounts as dormant or in-operative (in terms of definition of 25 of AML/CFT/CPF Regulations) till December 31, 2021. However, the accounts already marked dormant shall remain dormant unless activated as per Regulations.

    Regulation-2, Para 23 – In case of expiry of CNIC or other identity document (other than high risk customers) during the course of business relationship, REs may allow continuity of business relationship/ operations in the account up to December 31, 2021. However, REs shall ensure reasonable measures to obtain copy of renewed CNIC/ identity document from the customers within this timeline.

2.         In addition to the above, REs are strictly advised to comply with the relief measures provided by SBP with regard to impact of COVID-19, particularly regarding biometric verification and activation of dormant accounts. In case of non-compliance enforcement action may be initiated by SBP.

Yours truly,


(Muhammad Saleem)
Additional Director

About SBP
Economic Data
Press Releases
Laws, Legislations & Regulations
Monetary Policy
Help Desk
SBP Videos
Contact us
What's New?
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Rupey ko Pehchano
Zahid Husain Memorial Lecture
Best view Screen Resolution : 1024 * 768
Copyright © 2016. All Rights Reserved.