SBP to facilitate ‘mentally disordered persons’ to open accounts

24
Staff Reporter

Karachi

The State Bank of Pakistan (SBP) on Wednesday announced that “mentally disordered persons” could open a bank account through a court-appointed manager for the first time in the country’s history.

In a press release, the central bank said a new category, “mentally disordered person account”, had been created in the SBP’s Anti-Money Laundering, Combating the Financing of Terrorism & Countering Prolife­ra­tion Financing (AML/CFT/CPF) regulations.

“State Bank advised all banks to facilitate the mentally disordered persons by allowing them to open and maintain a bank account with the help of a court-appointed manager as per the applicable laws related to mental health,” the release stated.

It said the “well-defined” process for opening the account was devised after thorough discussions with stakeholders.

The process includes the presentation of valid identity documents and biometric verification of the person and the court-appointed manager through the National Database and Registration Authority (Nadra).

The bank would also verify the court order to determine the authenticity of the appointed manager, the press release said, adding “All CDD (customer due diligence) requirements should be completed for both persons to meet AML/CFT/CPF regulations.”