SBP Will Order Banks to Collect Biometric Data of All Account Holders

State Bank of Pakistan (SBP) is planning to order commercial and Islamic banks to collect biometric data of all their account holders. SBP took this step after the unveiling of fake account holders and billions of rupees uncovered in a money laundering case. The central bank is likely to issue this notification this week. A source of the banking industry told ProPakistani that biometric verification was implemented back in June 2016. And after this date, no bank account was opened without biometric verification, however, accounts opened before June 2016 were not biometrically verified. “After the unearthing of the fake accounts and money laundering cases, SBP decided to collect biometric data of bank accounts opened before June 2016. In this regard consultation with commercial banks has been completed.” the source told. The source confirmed that SBP’s Banking Policy & Regulations Department drafted a circular and sent it for approval. After the approval, a circular in this regard will be issued in next week. In this circular, the SBP will give timelines for the collection of biometric data of old account holders. SBP has asked the banks to call their account holders for biometric verification. There are about 50,000,000 account bank accounts operating in commercial and Islamic banks and only 2 million accounts are biometrically verified.