Karachi: The State Bank of Pakistan (SBP) has announced an alternative arrangement to address the biometric verification concerns of overseas Pakistanis, according to a news source. The financial institution on Thursday issued instructions to the authorities concerned regarding the measures introduced.
As per details, these expatriates can access their respective banks via email or surface mail by providing valid documentation details in the form of passports, visas, Computerised National Identity Cards (CNICs), and National Identity Card for Overseas Pakistanis (NICOP). In return, these individuals will be provided access to their bank accounts – without the need to fulfil the initial biometric verification requirement.
The SBP has been monitoring the progress of banks with regard to biometric verification – in compliance with the executive’s orders to curb tax evasion and terror financing activities. It referred to one of its circulars regarding the compliance of the AML/CFT regime by banks and development financial institutions (DFIs).
As per this circular, banks and DFIs can receive a signed undertaking from overseas Pakistanis, notifying them of their non-resident status. The account holders will submit this undertaking along with their valid documents; which will enable them to operate their bank accounts on a routine basis.
