ISLAMABAD – State Bank of Pakistan (SBP) has devised the StandardOperating Procedures (SOPs) to facilitate and streamline account openingprocess of politicians without compromising due diligence requirementsprescribed under AML / CFT regime.
Bank officials hesitate in opening accounts of politicians following casesfor illegal transactions and money laundering. Some politicians are deniedservices at bank branches while some were reported as defaulters of thebanks for not paying back their loans.
The central bank was told about such complaints and it has come up withSOPs for banks, which are different from regular customers.
The bank, upon receiving an account opening request from renownedpoliticians, shall ensure that the basic requirements like Account OpeningForm/Specimen Signature Card and Biometric Verification of the customer arecompleted on the same day.
On the same day, the person shall be guided regarding specificrequirements/formalities required to open an account. Further, theconcerned branch shall report the details of the request made by PEP to thefocal person nominated by the bank.
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Within two working days of receipt of documents from politicians, the bankshall inform him/her in writing, about the deficiencies, if any, in thedocuments or further clarifications required.
Once the deficiencies have been cleared and all due diligence requirementshave been satisfactorily completed, account shall be opened by the bankwithin two working days.
In case the bank decides to refuse any request for account opening, thereasons for the refusal need to be conveyed in writing to the applicantwithin two working days, in line with the instructions issued by SBP.
