Regulatory Alerts2025-07-25 | BPRD Circular No. 01Added · Updated
Consolidated Customer Onboarding Framework
The State Bank of Pakistan mandates a consolidated framework for regulated entities, including banks, digital banks, and EMIs, governing the opening of accounts and wallets for natural persons and entities. The document specifies required information and documents for onboarding, establishes biometric verification via NADRA as the primary identity check, and sets maximum turn-around times of two working days for individuals and five working days for entities. It further requires sanctions screening, enhanced due diligence for high-risk customers, and adherence to specific security and infrastructure controls for digital onboarding processes.