Banks to conduct biometric verification in 3 phases

Aim is to combat money laundering, terrorist financing

KARACHI: The State Bank of Pakistan (SBP) has directed all banks and development finance institutions (DFIs) to conduct biometric verification of all accountholders in three phases. The deadline for the first phase will end on November 30, 2018.

"The objective behind the verification is to combat money laundering and terrorist financing," the central bank said.

It asked banks/DFIs to conduct the biometric verification by November 30 of those listed/public limited companies whose annual turnover exceeded Rs1 billion in any of the two previous calendar years (2016 and 2017) or from January 1, 2018 to September 30, 2018.

Private limited companies, whose annual turnover exceeds Rs500 million and all customers except public/private limited companies whose annual turnover exceeds Rs250 million in any of the two previous calendar years or from January 1 to September 30, 2018 will also be covered in the verification process in the first phase.



The second phase of the verification process, which will end on January 30, 2019, will include those listed/public limited companies whose annual turnover is in the range of Rs500 million to Rs1 billion in any of the two previous calendar years or from January 1, 2018 to September 30, 2018.

Besides, private limited companies, whose annual turnover is between Rs250 million and Rs500 million and all customers except public/private limited companies whose annual turnover is between Rs100 million and Rs250 million are also liable to the verification process in the second phase.



In the third phase, all other accounts which are not covered in the first two phases are liable to the biometric verification, the central bank said.

Published in The Express Tribune, October 20^th, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.