All banks and banks have been ordered to complete a biometric audit of all level 1 accounts by 31 March 2020. By way of a circular released by Tuesday. In the event of non-biometric verification, all such accounts shall be converted to level 0 by financial institutions, effective 1 April 2020.
The Tier–1 Funds spending caps are as follows:
1. Rs. 50,000 per day [This limit shall not be applicable on: (i)credit from employers for salaried persons against proof of employment and (ii) payment to trusted merchants including schools and hospitals etc.]
2. Rs. 200,000 per month
The transaction limits for Level-0 accounts are as follow:
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a. Rs. 25,000 per day
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b. Rs. 50,000 per month
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c. Rs. 200,000 per year
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d. Rs. 200,000/- maximum balance limit
The financial institutions operating branchless banking are required to follow regulations related to Know Your Customer (KYC)/Account Opening requirements and conditions:
For Level-0 accounts:
1- Verification of customer identity from NADRA
2-Pre-screening the name and CNIC against proscribed/designated persons and entities as per the Statutory Notifications issued by Federal Government from time to time.
3- Call Back Confirmation or generation of One-Time Password (OTP) for verification in remote account opening.
For Level-1 accounts:
1-Biometric Verification of customer from NADRA
2- Pre-screening the name and CNIC against proscribed/designated persons and entities as per the Statutory Notifications issued by Federal Government from time to time.
3- Call Back Confirmation or generation of One-Time Password (OTP) for verification in remote account opening.
The SBP said financial institutions shall keep for a minimum of 10 years after termination of the business relationship all necessary records obtained via CDD steps, account files, business correspondence and review results.
The Central Bank further said that the financial institutions shall make sure, by conducting reviews of existing records, that documents, data or information collected during the CDD process are preserved and valid.
