Emptor Bank Account Biometric Re-Verification Update:
State Bank of Pakistan directs all commercial banks, including microfinance and Development Finance Institutions (DFIs), to verify banks accounts of customers.
Most Importantly, the verification of individuals, corporations and associations with biometric data and proper submission of documents starting from November 30, 2018.
Details of Emptor Bank Account Biometric Re-Verification
Therefore, according to State Bank of Pakistan, The objective behind the verification is to combat money laundering and terrorist financing.
This whole drive will start in phases according to different categories of customers and their accounts and it will end by 30th June 2019.
All over Pakistan, in all branches and sub-branches of the banks, all accounts will be verify. Emptor Bank Account Biometric Re-Verification.
Besides that, due to ever-growing incidences of fake bank accounts, the decision by State Bank has been taken to re-verify the accounts and find out about any suspicious transactions.
A schedule decide by the State Bank for different categories of bank accounts. Emptor Bank Account Biometric Re-Verification.
Here is the schedule:
All banks are ask by State Bank to make sure that they identify and verify each customer’s bank accounts.
It must be ensure that the transactions conduct in the bank accounts match the bank’s knowledge of the customer, business and fund sources.
The State Bank has made it clear that during the course of inspection will particularly assess the compliance of above requirements.
Besides that non-compliance will attract appropriate enforcement action in accordance with relevant laws. Emptor Bank Account Biometric Re-Verification.
About Biometric Verification System in Banks
Biometrics is the new way to securely identify and verify bank customers.
For a very long time, user name and password combination was thought of as the most secure authentication mechanism for user accounts and devices.
However, the rising instances of fraudulent transactions and identity theft prove otherwise. Emptor Bank Account Biometric Re-Verification.
Because, biometric single sign-on frees the users from remembering and entering their password every time they log on to their laptop or computers.
Therefore, instead of entering a password, users simply swipe their fingerprints to authenticate themselves and log on to their accounts.
Besides that, it streamlines the authentication process as it can positively verify the user’s identity using their unique fingerprint. Emptor Bank Account Biometric Re-Verification.