Last Updated on: 3rd July 2023, 12:43 pm
The State Bank of Pakistan (SBP) announced on Tuesday that it would support account opening for people with intellectual disabilities through a court-appointed administrator and a well-defined account opening process, Media officials reported.
The development was announced today through a circular issued by the Central Bank, which was released after appropriate consultation with all parties involved in the process.
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“Now, for the first time in Pakistan, people with mental retardness can open a bank account under a new category of customer accounts, ‘People with Mental Disorders Account’, which SBP introduced into its AML / CFT / CPF regulations.”
The State Bank has advised all banks to make it easier for people with mental disorders by allowing them to open and maintain a bank account with the help of a court-appointed administrator in accordance with applicable mental health laws.
According to the new regulation, the account opening process includes the submission of valid identification documents and biometric verification by NADRA of the person with mental disorders and the court-appointed administrator.
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In addition, the bank will check a certified copy of the court order to ensure the authenticity of the appointed manager.
All customer due diligence (CDD) requirements must be met for both individuals to comply.
