State Bank of Pakistan gives further relaxation of Biometric relaxation till 31 Dec 21

Due to the ongoing Covid-19 spread, the State Bank of Pakistan has decided to give more relaxation related to Biometric verification and activation of dormant Accounts till 31 Dec 2021.

The decision has been made keeping in view the challenges faced by banks, DFI’s and Microfinance banks, and their Account holders due to Covid-19 Pandemic, As per the Circular issued by SBP Banking Policy and Regulation Department.

As per AML/CFT measures physical presence and biometric verification of persons intending to open an account is mandatory but keeping in view the widespread of noval Carona virus through physical contact and reluctance shown by few customers to go through the Biometric verification process, banks are allowed to avail Nadra Verisys to Verify customer Identity document instead of BIO metric verification.

The biometric exemption will also be given in case of bank accounts of legal person/arrangements where the signatories (person authorized to open/operate the accounts) are unable to travel to Pakistan amid Covid-19 restrictions internationally.

Moreover, in all such cases, banks will have to take Customer consent and adopt necessary measures to mitigate the risk of identity theft.

Further to add, the accounts that have already been marked as dormant shall remain dormant unless activated as per set process.

Previously SBP extended BIO metric exemption till June 2021. This action taken by the State bank of Pakistan will certainly facilitate Customers during this phase of the Covid-19 pandemic.

Also Read: SBP Increased Policy Rate by 150 Base Points

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