A.   Background (BG)

This refers to the related Important QCs in trail, blue, italic and double line (a) FRQC244 of 26.5.25 about Seminar on Key Changes in QCR Framework at 29.5.25 (b) BFIQ290 of 28.11.24 about Islamic Banking Institutions Shariah Governance Framework (c) COQC 626= SECP Auditors for Regulated Entities Appointment

We also refer to several Other QC including (a) BFQC208 of 10.5.23 about Regulatory Framework for ‘Online Only’ Brokers (b) BFQC185 of 21.1.21 about Framework on Outsourcing to Cloud Service Providers

B.   Updated Commentary

Further to KQU 3485 dated 28.7.25, being an important matter, we would inform you about BPRD Circular No 1 Consolidated Customer Onboarding Framework of 2.7.25 (Attachment 314.1).

2.   This refers to SBP’s AML/CFT/CPF Regulations for SBP Regulated Entities (REs - COQC 626 of 21.2.24 in trail refers) on the subject of customer due diligence and onboarding related requirements. 

3.   To streamline the account opening/customer onboarding process and improve the customer experience, the existing frameworks/instructions on the subject have been consolidated into a single document, viz. Consolidated Customer Onboarding Framework. The framework lays out the requirements to be fulfilled by SBP REs while establishing relationships, including the information and documentary requirements for different types of customers and accounts/wallets.

4.   Accordingly, necessary amendments have been made in the existing instructions on customer onboarding due to consolidation into the framework (Appendix-A).

5.   Consolidated Customer Onboarding Framework (Attachment 314.2) consist of 21 pages with important content on page 2. If your Goodself has a short time, then at least have a look at the same and Appendix-A (Attachment 314.3) for ready reference consist of 3 pages.

SBP REs are advised to ensure meticulous compliance of the above instructions within 3 months from date of issuance of this Circular 25.1.25.

C.   Further Details & Services

Should you require any clarification or explanations in respect of the above or otherwise, please feel free to email Mr Amsal at amsal@kasbati.co with CC to info.kasbati@professional-excellence.com.

Best regards for Here & Hereafter
Asif S Kasbati (FCA, FCMA & LLB)

Managing Partner 

Kasbati & Co (1400+ Tax, Levies, Companies, Economy, Inflation, HR, Banking, Finance, etc

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