SBP Okays opening accounts for persons with intellectual disabilities

A major development has been carried out by the State Bank of Pakistan as a process has been devised to facilitate persons with disabilities by allowing them to open bank accounts through a well-defined account.

After a thorough consultation with stakeholders, under the AML/CFT/CPF regulations, persons with disabilities will be able to open their bank accounts under a new category of customer account namely “mentally disordered person account” in its Antti-Money Laundering (AML), Combating Financial Terrorism (CFT) and Countering Proliferation (CPF) regulations.

All banks across the country have been advised to facilitate them by authorizing the intellectual with disabilities to open and maintain a bank account with the assistance of a court-appointed manager as per the applicable laws.

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