ISLAMABAD - State Bank of Pakistan (SBP) has devised the Standard Operating Procedures (SOPs) to facilitate and streamline account opening process of politicians without compromising due diligence requirements prescribed under AML / CFT regime.
Bank officials hesitate in opening accounts of politicians following cases for illegal transactions and money laundering. Some politicians are denied services at bank branches while some were reported as defaulters of the banks for not paying back their loans.
The central bank was told about such complaints and it has come up with SOPs for banks, which are different from regular customers.
The bank, upon receiving an account opening request from renowned politicians, shall ensure that the basic requirements like Account Opening Form/Specimen Signature Card and Biometric Verification of the customer are completed on the same day.
On the same day, the person shall be guided regarding specific requirements/formalities required to open an account. Further, the concerned branch shall report the details of the request made by PEP to the focal person nominated by the bank.
Within two working days of receipt of documents from politicians, the bank shall inform him/her in writing, about the deficiencies, if any, in the documents or further clarifications required.
Once the deficiencies have been cleared and all due diligence requirements have been satisfactorily completed, account shall be opened by the bank within two working days.
In case the bank decides to refuse any request for account opening, the reasons for the refusal need to be conveyed in writing to the applicant within two working days, in line with the instructions issued by SBP .