Islamabad, Apr 01: In a bid to check the illegal transfer of funds, bank authorities in Pakistan have been instructed to desist from opening up large number of undesirable bank accounts. State Bank of Pakistan (SBP) has slapped more toughened conditions on opening of bank accounts and the mandatory “minimum guidelines” were issued for opening account warning the bankers “any laxity in this regard may result in serious consequences”.
The bank authorities have been further directed to obtain true identity of the beneficial owners of all bank accounts opened by a person, an SBP spokesman said yesterday.
Last year, the SBP had advised banks to implement the 'know your customer' (KYC) to avoid illegal transfer of funds but the system is not being enforced properly.
“In view of recent heightened global efforts to prevent possible use of banking sector for money laundering or transfer of illegal and ill gotten money as a conduit for white collar crimes, the importance of know your customer and customer due diligence has increased,” the spokesman said. Bureau Report