{"id":56126,"date":"2019-10-09T17:41:50","date_gmt":"2019-10-09T12:41:50","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=56126"},"modified":"2019-10-09T17:41:50","modified_gmt":"2019-10-09T12:41:50","slug":"benami-accounts-fbr-asks-pba-to-update-kyccdd-requirements","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/benami-accounts-fbr-asks-pba-to-update-kyccdd-requirements.html","title":{"rendered":"Benami accounts: FBR asks PBA to update KYC\/CDD requirements"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has asked the banks to include a positive statement in all the \u2018Know Your Customer\/Customer Due Diligence\u2019 (KYC\/CDD) prescription about the beneficial owner of bank account, and the amendment should be made part of the KYC\/CDD requirements and policies \u2013 a news source reported.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/banks-told-to-share-benami-accounts-data-within-15-days.html\" target=\"_blank\" rel=\"noopener noreferrer\">Banks told to share benami accounts data within 15 days<\/a><\/p>\n<p>This request was forwarded in a letter to the Pakistan Banks Association Secretary by FBR Chairman Shabbar Zaidi on Tuesday. He said that the board considered PBA&#8217;s suggestions that present KYC\/CDD requirements, as prescribed by the State Bank of Pakistan, have already achieved the desired goal of identifying benami properties and their beneficial owners.<\/p>\n<p>However, he said that, keeping in view the restrictive nature of \u2018Benami Law&#8217;, it is preferred that there should be a positive statement in all KYC\/CDD prescription that the account holder\/depositor is the beneficial owner of the sums deposited or transactions undertaken in a bank account.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-obtaining-details-of-benami-accounts-from-banks.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR looking to obtain details of benami accounts<\/a><\/p>\n<p>He added that according to the FBR, the current KYC\/CDD requirements do not meet this standard. So the PBA would also agree that the aforesaid amendment should be made a part of the KYC\/CDD prescription.<\/p>\n<p>He reiterated that there will severe consequences under the Benami Law, not only for the beneficial owner of the Benami accounts, but also for the person maintaining or holding such accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has asked the banks to include a positive statement in all the \u2018Know Your Customer\/Customer Due Diligence\u2019 (KYC\/CDD) prescription about the beneficial owner of bank account, and the amendment should be made part of the KYC\/CDD requirements and policies \u2013 a news source reported. Read:\u00a0Banks told to share benami accounts data within 15 days This request was forwarded in a letter to the Pakistan Banks Association Secretary by FBR Chairman Shabbar Zaidi on Tuesday. He said that the board considered PBA&#8217;s suggestions that present KYC\/CDD requirements, as prescribed by the State Bank of Pakistan, have already achieved the desired goal of identifying benami properties and their beneficial owners. However, he said that, keeping in view the restrictive nature of \u2018Benami Law&#8217;, it is preferred that there should be a positive statement in all KYC\/CDD prescription that the account holder\/depositor is the beneficial owner of the sums deposited or transactions undertaken in a bank account. Read:\u00a0FBR looking to obtain details of benami accounts He added that according to the FBR, the current KYC\/CDD requirements do not meet this standard. So the PBA would also agree that the aforesaid amendment should be made a part&hellip;<\/p>\n","protected":false},"author":57,"featured_media":28406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[13359],"persona":[],"class_list":{"0":"post-56126","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-benami-accounts-fbr-asks-pba-to-update-kyccdd-requirements"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Benami accounts: FBR asks PBA to update KYC\/CDD requirements - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has asked the banks to include a positive statement in all the \u2018Know Your Customer\/Customer Due Diligence\u2019\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/benami-accounts-fbr-asks-pba-to-update-kyccdd-requirements.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Benami accounts: FBR asks PBA to update KYC\/CDD requirements - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has asked the banks to include a positive statement in all the \u2018Know Your Customer\/Customer Due Diligence\u2019\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/benami-accounts-fbr-asks-pba-to-update-kyccdd-requirements.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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