With focus to enhance Consumer experience and bring in efficiency in the Account Opening Procedures, State Bank of Pakistan has issued “Customers’ Digital Onboarding Framework” for opening of bank accounts digitally by Resident Pakistanis. In this regard, SBP issued BPRD Circular No. 02 of 2021.

The Framework prescribed by the State Bank of Pakistan sets minimum requirements and standards that banks/Microfinance Banks (MFBs) have to meet while designing and implementing a seamless and standardized digital onboarding experience for their customers.

The Framework aims to promote SBP’s digitization efforts and it is expected that the banking industry would also welcome and support these efforts, resulting in increased convenience for the customers to fulfil their financial needs through swift and secure digital infrastructure in Pakistan. This initiative would also help in achieving SBP’s financial inclusion objectives.

For mandatory “Customer Due Diligence”, Banks shall utilize available technological and other resources for customer identification and verification, while complying with the enclosed Framework along with all applicable laws and regulations including but not limited to AML Act 2010, AML/CFT/CPF Regulations, Foreign Exchange Regulations and Enterprise Technology Governance & Risk Management Framework for Financial Institutions, as amended from time to time.

The banks/MFBs are instructed to implement this Framework latest by December 31, 2021.

The Customers’ Digital Onboarding Framework can be accessed here (Link)

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