SBP issues guidelines for PEPS

July 18,2019

KARACHI: The central bank said on Wednesday that it has devised standard operating procedures for the account opening process of Politically Exposed Persons along with due diligence requirements...

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KARACHI: The central bank said on Wednesday that it has devised standard operating procedures for the account opening process of Politically Exposed Persons (PEPs) along with due diligence requirements prescribed under Anti-Money Laundering and Combating the Financing of Terrorism regime.

“The bank upon receiving account opening request from PEP 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,” the State Bank of Pakistan (SBP) said in a circular.

Within two working days of receipt of documents from PEP, the bank would inform him / her in writing, the deficiencies, if any, in the documents or further clarifications required, it said. The central bank also said that once the deficiencies have been removed by the PEP, and all due diligence requirements satisfactorily completed, the account would be opened by the bank within two working days.


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