Please refer to SBP’s AML/CFT/CPF Regulations for SBP Regulated Entities (REs) on the subject of customer due diligence and onboarding related requirements.
2. To streamline the account opening/customer onboarding process and improve the customer experience, the existing frameworks/instructions on the subject have been consolidated into a single document, viz. Consolidated Customer Onboarding Framework. The framework lays out the requirements to be fulfilled by SBP REs while establishing relationships, including the information and documentary requirements for different types of customers and accounts/wallets.
3. Accordingly, necessary amendments have been made in the existing instructions on customer onboarding due to consolidation into the framework (Appendix-A).
4. SBP REs are advised to ensure meticulous compliance of the above instructions within 03 months from date of issuance of this Circular.
5. Please acknowledge receipt.
Enclosed: