In vision of new sharp worldwide efforts to stop the possible use of the banking sector for money laundering, terrorist investing, transmit of illegal duty and as a means of expression for white collar crime etc. In line with the international best put into practice, the accessible directions issued vide PR XI require to be additional make stronger to strengthen the checks and controls already developed by banks as also to make sure due assiduousness is done whereas initial relationship with a new customer and maintaining and ongoing relationship with existing customers.
a) All practical efforts will be made to decide true characteristics of every potential customer. The following least set of documents has to be obtained from various types of customers.
b) The Banks will obtain “Introduction” on the new account to review the potential account holder’s honesty and the nature of business etc. Any negligence in this view might effect in serious consequences for the banker. The following guidelines are to be accepted in this regard:
(i) Where the introducer is an accessible customers of the same branch, his beginning ought to be accepted, after due confirmation of signature by the authorized of the branch.
(ii) Where the introducer will be an account holder of another bank, the introduction ought to be accepted after entire confirmation from that bank.
(iii) The introduction by the staff of the bank may also be satisfactory. However, he or she will set up that enough information has been composed on the new account holder for creation the introduction and that they consider that “Introduction” from a person.
c) The Bank/branch will get acceptable confirmation accordingly authenticated by the branch manager and will be located on record in respect of (i) the true individuality of the helpful owners of all accounts opened by a person, entity etc, (ii) the real party in favor or controlling entity of the accounts for fear that of nominee or minors account.
2) Each Bank will make and keep in position, in writing, a complete Know-Your-Customer rule accordingly accepted by their Board of Directors and in case of branches of foreign banks, accepted by their head office, and flow the same down the line up to each and every branch/office/ worried officers for firm fulfillment.
3) State Bank of Pakistan, during the course of examination, would mainly make sure the effectiveness of the KYC system install place by the banks and its fulfillment by all the branches and the staff. Suitable action will be in use against the bank and the worried staff members for disobedience and disregard in this area under Ordinance 1962.
|S.No.||Nature of Account||Documents/papers to be obtained|
|1||Individuals||(i) Attested photocopy of N.I.C or passport of the individual.|
|(ii) In case the NIC does not have a photograph, the bank ought to get, in place of NIC, any other document such as driver’s license etc that have a photograph.|
|(iii) In case of a paid person, attested copy of his service card, or any other satisfactory evidence of service.|
|(iv) In case of uneducated person, a passport size photograph of the new account holder in addition taking his right and left thumb inkling on the sample signature card.|
|2||Partnership||(i) Attested photocopy of N.I.C or passport of all partners.|
|(ii) Attested copy of “Partnership Deed” accordingly signed by all partners.|
|(iii) Attested copy of Registration Certificate with Registrar of Firms.
(iv) Authority letter, in original, in support of the person authorized to control on the account of the firm.
|3||Agents Accounts||(i) Certified copy of “Power of Attorney”.|
|(ii) Attested photocopy of identity card of the agent.|