SBP to assist bank account opening of mentally challenged people

KARACHI: The State Bank of Pakistan (SBP) has Tuesday announced assisting the account opening for the mentally challenged persons through a court-appointed manager and a well-defined account opening process, ARY News reported.

The development was announced earlier today via a circular released by the central bank which it said was after due consultations with all the stakeholders in the process.

“Now, for the first time in Pakistan, mentally disordered persons will be able to open a bank account under a new category of customers account namely “mentally disordered person account” introduced by SBP in its AML/CFT/CPF regulations.”

State Bank has 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.

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According to the new regulation, the account opening process will include the presentation of valid identity documents and biometric verification through NADRA of mentally disordered person and court appointed manager.

Moreover, the bank will verify a certified true copy of the court order to ensure the authenticity of the appointed manager. All Customer Due Diligence (CDD) requirements should be completed for both persons to meet the regulations.