Exchange companies have been asked to use an android based biometric verification system to maintain the records and verifications of customers on the purchase of Dollars and other foreign currencies above $500 from the open market.

The facility will be available from 5 November onward.

The alternate option of customers’ verification was proposed by the National Database and Registration Authority (NADRA) as the exchange companies have been facing technical challenges.

A notification issued by the State Bank of Pakistan (SBP) detailed that the exchange companies in categories A and B have been advised to deploy BVS as provided by the NADRA at their outlets for the biometric verification of customers after 5 November. However, any relaxations or extensions in the timeline will only be allowed to the companies that approach the banking regulator with genuine reasons and explicit time-bound implementation plans.

The banking regulatory told the exchange companies to contact the NADRA for the resolution of their technical and financial matters in line with the procurement of a device or a system for biometric verification solutions.

Android-based BVS can also be integrated with the core business application of the exchange companies that have been instructed to coordinate with the database authority to ensure that the integrated system is implemented within the stipulated deadline of 30 June 2022.

The SBP had directed the exchange companies to conduct mandatory biometric verification from 22 October for all the foreign currency sale transactions equivalent to $500 and above and outward remittances. The decision for customers screening was taken in accordance with the smuggling or outflow of Dollars to Afghanistan after the change of its regime.

However, the biometric verification requirement could not be implemented because the system to connect with the NADRA was unavailable. Meanwhile, the exchange companies were allowed to sell Dollars with biometric certifications from NADRA’s e-Sahulat franchises until 5 November.

Exchange companies are verifying the genuineness of the system-generated receipts from the NADRA e-Sahulat website and are keeping copies of verifications along with the other required documents.

Source: Pro Pakistani