Wednesday, November 4, 2009

Complete KYC requirements!

She looked at the cheque received through Admin Officer. The cheque was crossed “Account payees only” in favour of Hajira Bibi amounting to PKR 283,450/-. Her eyes watered and the wording of the cheque got jumbled. Two months earlier her only son died while serving on duty in a suicide attack by an ‘unknown’ suicide bomber. He was serving as government employee in Elite Force, Punjab Police and cheque was the payment for accumulated funds & end benefits. Admin Officer also told her the ‘good news’ that she will receive pension of PKR 3,130/- per month for his son.

Hajira Bibi has been through a lot of turbulent times in her life cycle. She migrated to Lahore from Ferozepur, India in 1947 and was one of the very few survivors in the family when other members were brutally butchered by Sikh rebellions. She was married to Mairaj Din who was a local street vendor. Life for Hajira Bibi was not a bed of roses since Mairaj Din’s earning was meager and insufficient to cover the very basic necessities.

After Mairaj Din’s death, her son was the only asset she had. With loss of life of her son she lost every thing. She gathered all her energies and efforts and went to a local bank branch around 8 K.M away from her poor home by changing two wagons for opening of an account for respective credit of cheque.

An officer sitting at the front desk was recently trained on KYC & AML (Know Your Customer & Anti Money Laundering) measures to be adapted to curb any illicit, illegitimate placement, layering and integration of funds as defined under Financial Action task Force (FATF) recommendations and SBP Prudential Regulations on KYC & AML measures.

At the front desk that officer told her: O Khala je! You know only cheque in hand is not enough to open an account. You have to fulfill KYC & AML requirements. Bring your Computerized National Identity Card (CNIC) in original, attested copy of CNIC and list of documents required to open a pension account. He handed over the list along with the account opening form.

Hajira Bibi looked at the officer, at the cheque in her hand, list of documents & account opening form. She has yet to prove her identity to be known for customer due diligence.

(All the Characters in the above mentioned story are imaginary & fictional work and resemblance to any actual incident is merely coincidence for which blog-writer is not responsible)


  1. welll,,, Identity ,,[+92]

  2. well this does happen a lot of times in real life..good one sir!

  3. sometimes i realy feel that our banking system is very hard for laymen, but still when somthin wrong happens we are accused of neglignece. so its better to be prudent when working in bank. officals of such organizations should not issue cross cheques in such cases. the person on the reciving end should be analysied first. . . .