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SBP decides to verify bank accounts to root out fake transactions

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KARACHI: State Bank of Pakistan (SBP) has decided to verify all banks accounts through a biometric system in order to root out fake and bogus transactions, Chief spokesperson told PKRevenue.

The decision has been taken after the discovery of numerous fake accounts on which billions of transactions were made by unknown persons. in this regard, SBP will release an official statement next week, Chief spokesperson added.

The Chief spokesperson said that the meeting held for initiating bio-metric verification of accounts maintained by all financial institutions in a phased manner.

It is to be mentioned that millions of accounts yet to be verified.

The banks started bio-metric verification of a person for opening a bank account from June 2016. Commercial banks will be directed to verify the accounts before 2015 and onward.

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