CUSTOMER DIGITAL

ONBOARDING FRAMEWORK

SBP Circular : C2-Annex-A

Enclosure - Customers’ Digital
Onboarding Framework
September 15, 2021
SBP Circular: Digital Onboarding

“DIGITAL ONBOARDING WILL TRANFORM THE COMPLETE

ONBOARDING JOURNEY OF A CUSTOMER TO AN OMNI
CHANNEL AND HASSLE FREE ACCOUNT OPENING PROCESS”
SBP Circular: Major Extract from the SBP Circular

1 2 3 4

• Asaan Digital
Account
• Banks / MFBs • Website/portal
• Asaan digital
• All local currency • Only Natural • Mobile App
Remittance
accounts Person • Digital Kiosk
Account
• FCY accounts as • Resident Pakistani • others approved
• Freelancer Digital
Permissible by FER by SBP like Tablet
Account
• Digital Account

Applicable Eligible Onboarding Account

On Customer Channels Category
SBP Circular: Major Extract from the SBP Circular

5 6 7 8
• NADRA Bio Verisys,
• As Per Annexure A • Confirm the provided
• Two particulars to be • All requirements
• NADRA CNIC information is true
verified apart from stated above as per
• Live photo from • FATCA declaration , if
CNIC policy and regulation
digital Channel required
• Sim ownership • Scanned Copy of
• Proof of funds/Source • Consent that the
verification - Juvenile Card / Form-
of Income provided information
• Geo location of gadget B/ Child Registration
• Self Declaration for will be used in due
• Customer UNSC Anti Certificate (CRC) of
ADA ADRA diligence processes
terrorism Screening the minor
• Digital Signature as • Digital Acceptance of
• VIDEO KYC • Live photo of minor
per approved method terms and conditions
INTERVIEW (EDD)

Customer
Customer Customer Identity Requirement for
Information/
Declarations Verification Minor Account
Documents
SBP Circular: Major Extract from the SBP Circular

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• Activate blocked account • TAT of Account open or
• Once customer is
as per AML/CFT/CPF on rejected will be 2 days. • Necessary technical
cleared from
customer request along • Tracking number of infrastructure to comply
CDD/EDD , he should
with issue date of CNIC status tracking with AML/CFT/CPF regime
be allowed to open
provided through • Trained Staff for Assisted • CAPTCHA Check to check if
account in the branch
registered medium Channels customer is not a robot
of his choice
• Blocked due to Expired • 24/7 customer Support , • AI for face recognition and
• Bank to share customer
CNIC Onboarding process fraud detection
info with
• Bank should retain Demos for customer • Annual Audit of digital
SBP,SECP,CDC,NCCPL
NADRA Verisys for • TAT Escalation Matrix for onboarding Process
after customer Consent
record keeping Customer Feed Back

Activation of Security and Infra

Customer Other
Dormant /inoperative structure
Facilitation Features
or blocked accounts Requirement
SBP Circular: Major Extract from the SBP Circular

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• Pilot run for two months
Banks to ensure effective
• Pilot run must observe:
compliance with: Policy must Include:
• 500-2000 accounts opened
• AML ACT 2010 • Target Segments
• Selected customers
( Section 7, 7A,7H • Periodic Assessment
• Customers knows ] product is in pilot phase
• CFT/CPF • Video KYC Parameters
• UAT to ensure system readiness
• Cloud Service • Overall Risk
• SBP should be notified one week before the pilot launch
Providers laws Assessment
• CCO and CISO of bank should confirm in writing that their digital
• Foreign Currency • Detailed Implementing
onboarding system comply with all the legal regulations and laws
Laws Strategy
• related to AML/CFT/CPF and information security
ETGRMF
• Pilot Phase Report for SBP

Compliance with Policy for Digital

AML/CFT and Pre Launch
Onboarding
other laws Essentials
Customers
SBP Circular: CIF fields
SBP Circular: CIF fields
SBP Circular: CIF Documents
SBP Circular: CIF Documents
SBP Circular: Account Transaction Limits

• Maximum credit balance limit of PKR 1,000,000

01 • Monthly debit limit of PKR 1,000,000

Asaan Digital Account

• Maximum credit balance:3,000,000;

02 •
•
Cash withdrawal limit: PKR 500,000 per day;
Fund transfer limit: PKR 500,000 per day
• local credit extent :PKR 1,000,000 per month;
Account Asaan Digital Remittance Account
Transaction
Limits
• Monthly limit: USD 5,000 or equivalent
03 • Cash withdrawal limit: PKR 500,000/- or equivalent/ day;

Freelance Digital Account

04 • As Is

Digital Account
Abbreviations
MFB Micro Finance Banks CCO Chief Compliance Officer

FCY Foreign Currency CISO Chief Information Security Officer

SBP State Bank Pakistan TAT Turn Around Time

AML Anti Money Laundering MVP Minimum Viable Product

ADA Asaan Digital Account

ADRA Asaan Digital Remittance Account

CDD Customer Due Diligence SBP Circular

KYC Know Your Customer

CFT Combating of Financing of Terrorism

EDD Enhance Due Diligence

CDC Central Depository Company

NCCPL National Clearing Company of Pakistan

UAT User Acceptance Testing

ETGRMF Enterprise Technology Governance & Risk Management Framework

THANK YOU