The State Bank of Pakistan (SBP) has strictly instructed exchange companies of category B for implementing the integrated biometric verification system with National Database Registration Authority by July 31.
The notification issued by the banking regulator stated that exchange companies must work proactively on the implementation of the biometric verification system to meet the extended deadline, which was previously set for May 31, 2023.
The banking watchdog observed that a number of exchange companies of the same category missed the milestone of the target for this project due to a lenient attitude which would not be tolerated further.
It also said that exchange companies should coordinate with the designated officials of NADRA to integrate the required biometric verification system into their business.
According to the notification, the SBP has warned categorically that it would take stern action against delinquent officials who failed to work on this project under the given deadline.
It is pertinent to mention here that the SBP canceled the license of nearly a dozen exchange companies for violating its rules and regulations in the last year. The banking regulator is working on the regulation of the exchange companies for all categories in order to control the business of the forex exchange in the open market.
Source: Pro Pakistani