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SBP Extends Validity Measures to Mitigate Coronavirus Pandemic

The State Bank of Pakistan (SBP) has extended the validity of measures up to June 30, 2021 to mitigate coronavirus pandemic related to Anti-Money Laundering (AML)/ Counter Financing of Terrorism (CFT), a statement said on Thursday.

The SBP invited the attention towards BPRD Circular Letters No. 32 & 33 of 2020 and AC&MFD Circular Letters No.3 & 6 of 2020 whereby measures like utilization of NADRA Verisys in place of Biometric Verification were prescribed to limit the spread of COVID-19 pandemic.

Keeping in view the intensity and ongoing impact of COVID-19 pandemic in the country, it has been decided to further extend the validity of measures stipulated in above referred Circular Letters from December 31, 2020 to June 30, 2021.

Additionally, Microfinance Banks (MFBs) shall resume biometric verification, prescribed vide AC&MFD Circular Letter No. 06 of 2020 with revised timelines of July 31, 2021 and September 30, 2021 for customers assigned medium and normal priorities, respectively.

Further, as mandated in BPRD Circular No. 06 of 2016, Authorized Financial Institutions may defer the requirement for visits of compliance officers to newly acquired agents within first quarter of their acquisition, till June 30, 2021. However, compliance officers shall visit all these newly acquired agents within the next quarter ending September 30, 2021.

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