{"id":10589,"date":"2019-07-16T00:18:07","date_gmt":"2019-07-16T00:18:07","guid":{"rendered":"https:\/\/www.citybook.pk\/?p=10589"},"modified":"2022-11-09T19:43:59","modified_gmt":"2022-11-09T19:43:59","slug":"blocking-of-non-verified-accounts-by-pakistani-banks","status":"publish","type":"post","link":"https:\/\/citybook.pk\/blog\/blocking-of-non-verified-accounts-by-pakistani-banks\/","title":{"rendered":"Blocking Of Non-Verified Accounts By Pakistani Banks"},"content":{"rendered":"\n

Back in 2015, the state bank of Pakistan took the decision to\nrecommend all banks of Pakistan to open bank accounts through a biometric\nverification system. At that time they didn\u2019t make it mandatory, but in October\n2018 SBP decided to make it compulsory for all the bank account holders for\nbiometric verification. This decision was taken because FIA and JIT find many\nfake account holders. That is providing opportunities for easy money laundering\nand avoiding taxes and consequently harming Pakistan\u2019s economy.<\/p>\n\n\n\n

\"State<\/figure>\n\n\n\n

SBP\u2019s take on account verification<\/h2>\n\n\n\n

To support Pakistan\u2019s economy and discourage money laundering\nactivities in the country this was a great initiative took by SBP.  With this decision, thousands of account\nholders have verified their accounts. \nThe last date for the account\u2019s biometric verification was 30th June\n2019. As the date has passed banks have started blocking non-biometrically\nverified accounts.  Now those unverified fake\naccount holders will be unable to make any transaction through their accounts.\nAlthough SBP didn\u2019t announce to block unverified accounts, banks are taking\nadequate steps to follow the rules and maintain the bank accounts of their\nverified customers. <\/p>\n\n\n\n

However, you can still verify your account as banks are still providing this facility who couldn\u2019t verify their account before the final deadline.  A representative of the national bank has said Over 3 million accounts have been shifted to the biometric system and approximately 80 percent account holders have completed the biometric verification process.\u201d This was made possible by running telephone and letter notices campaigns to their customers. To provide this service banks remained open on Saturdays and Sundays as well.<\/p>\n\n\n\n

Read more on:<\/strong> How to open a bank account in Pakistan<\/a><\/p>\n\n\n\n

The output of the decision<\/h2>\n\n\n\n

With such strict action against the elimination of money laundering, the global ranking of Pakistan in Anti-Money Laundering (AML) has improved. In spite of the fact that this is an effective action taken by the central bank of Pakistan, but this has raised many questions especially by overseas Pakistani\u2019s. We are not sure how those account holders will be able to verify their accounts. In case their accounts are not verified after the deadline, will they be able to use their account or they may also be blocked by banks. <\/p>\n","protected":false},"excerpt":{"rendered":"

Back in 2015, the state bank of Pakistan took the decision to recommend all banks of Pakistan to open bank accounts through a biometric verification system. At that time they didn\u2019t make it mandatory, but in October 2018 SBP decided to make it compulsory for all the bank account holders for biometric verification. This decision […]<\/p>\n","protected":false},"author":1,"featured_media":49189,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[328],"tags":[325,326,327,329],"class_list":["post-10589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-media","tag-account-verfication","tag-banks","tag-biometric-system","tag-state-bank-of-pakistan"],"next":{"id":10754,"slug":"top-8-qualities-of-a-great-event-planner"},"previous":{"id":10299,"slug":"how-to-prevent-dehydration-in-this-humid-weather"},"_links":{"self":[{"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/posts\/10589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/comments?post=10589"}],"version-history":[{"count":1,"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/posts\/10589\/revisions"}],"predecessor-version":[{"id":49190,"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/posts\/10589\/revisions\/49190"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/media\/49189"}],"wp:attachment":[{"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/media?parent=10589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/categories?post=10589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citybook.pk\/blog\/wp-json\/wp\/v2\/tags?post=10589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}