KARACHI: The State Bank of Pakistan (SBP) has decided, in principle, to conduct biometric verification of accountholders to identify fake accounts and make banking operations trustworthy.
"We would formally announce the entire process of biometric verification through a notification sometime next week," a central bank official told The Express Tribune.
He said there were around 50 million bank accountholders across the country and the verification process would be conducted only in the case of old accountholders.
"Bank accounts opened before 2016 would be subject to verification in a phased manner," he said.
The official pointed out that the accounts opened after 2016 had already passed through the biometric verification process. "So, they don't need to be verified again."
The step is being taken after a couple of accountholders complained about unauthorised transactions worth billions of rupees in their accounts in recent days.
More importantly, it is taking place following Paris-based financial sector watchdog - the Financial Action Task Force (FATF) - expressed dissatisfaction over the measures taken by Pakistan so far to combat money laundering and terror financing.
Published in The Express Tribune, October 13th, 2018.
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