Regulatory Alerts2026-03-24 | BPRD Circular Letter No. 09Added · Updated
Consolidated Customer Onboarding Framework
The State Bank of Pakistan establishes a Consolidated Customer Onboarding Framework for regulated entities, including banks, digital banks, and electronic money institutions, to standardize account and wallet opening processes. The document mandates specific identity verification methods, requiring biometric verification via NADRA for most customers and permitting digital onboarding for residents and non-residents through various channels. It sets maximum turn-around times of two working days for individual customers and five working days for entity customers to decide on account opening requests. Additionally, it outlines requirements for data security, enhanced due diligence for high-risk customers, and the collection of location information during digital onboarding.
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