Listening...

Loading...
Voice search animation
Close voice search

Circulars

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

July 13, 2020
8351

The Presidents/ Chief Executives,

All Microfinance Banks (MFBs)

Dear Sirs/ Madams,

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

Please refer to AC&MFD Circular Letter No. 03 dated March 26, 2020.

  1. Keeping in view the ongoing impact of COVID-19 pandemic in the country, it has been decided to extend the validity of the measures stipulated in above referred Circular Letter from 30th June 2020 to December 31, 2020. Accordingly, Microfinance Banks (MFBs) shall resume biometric verification, prescribed vide AC&MFD Circular No. 04 of 2019 with revised timelines of January 31, 2021 and March 31, 2021 for customers assigned medium and normal priorities, respectively.
  2. In addition, it has been observed that customers including (overseas Pakistani /walk in/ occasional) are experiencing problems with regard to operation in their bank accounts, ensuring execution of financial transactions by them and getting financial services from MFBs. The following revisions are being made in the existing AML/CFT requirements to facilitate such customers:

    1. MFBs may use the NADRA Verisys in place of obtaining certified photo copies of required NADRA identity documents and bio metric verifications wherever required as per SBP AML/CFT Regulations including for request of activation of dormant account by customers. They should retain the NADRA Verisys for record keeping requirements (digitally or hard copy).

    2. MFBs to update records of their customers with regard to their postal address or email address or register mobile number or land line number. They may use either of these medium for ensuring efficient and reliable communications with their customers including where ever customer request/instruction is desired as per requirement of AML/CFT regulation including for activation of dormant bank accounts.

  3. Further, the requirement of originator's and beneficiary's address in wire transfer vide Regulation M-2, Para 1 of AML / CFT Regulations for MFBs has been amended as below:
Reference Existing Requirement Revised Requirement
M-2
Para 1

MFB shall include the following information in the message or payment instruction, which should accompany or remain with the wire transfer throughout the payment chain:

(c) the originator’s address and identity document number;

(e) the beneficiary’s address and identity document number.

MFB shall include the following information in the message or payment instruction, which should accompany or remain with the wire transfer throughout the payment chain:

(c) the originator's CNIC/ passport number

(e) the beneficiary's CNIC/ passport number
  1. These instructions are enforceable w.e.f. July 01, 2020.
  2. Please acknowledge receipt.

Yours sincerely,

Noor Ahmed
Director