SBP simplifies biometric verification for overseas Pakistanis.

KARACHI -- The State Bank of Pakistan (SBP), on Thursday, issued detailed instructions to facilitate overseas Pakistanis in order to access their bank accounts.

Under the new arrangement, overseas Pakistanis can now approach their respective banks through email or surface mail and provide identity documents like valid Passport, visa, CNIC and National Identity Card for Overseas Pakistanis (NICOP) as an alternative arrangement for biometric verification to operate their bank accounts as usual.

Pakistan has been facing tough situation regarding the financial transactions being minutely scrutinised by the international watchdog to monitor terror financing and money laundering.

The watchdog has also put Pakistan on a grey-list of countries with anti-money laundering/combating the financing of terrorism (AML/CFT) deficiencies.

The government has vowed to take all-out measures to get itself out of the grey-list, which is due in February next year.

Few overseas Pakistanis told Dawn that due to the condition of biometric verification, their banks accounts were suspended and they were not even able to send remittances. They said that under the alternate arrangement, the move would resolve the issues regarding their suspended accounts.

'The arrangement has been made in line with the SBP's continuous monitoring of the progress of the banking industry with respect to biometric verification; and it has been reiterated to banks for...

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