FATF Compliance: Pakistan Post initiate process to close saving accounts

In order to comply with the Financial Action Task Force (FATF) demands, the Pakistan Post has initiated the process to close the general savings accounts and special savings accounts in post offices across the country from Monday, January 4.

As per media reports, under the first phase, the Ministry of Communications will close the accounts in which the amount is between Rs 100 and Rs 500 and in which no transaction has taken place for the last one year from January 15.

With this decision, 50,000 savings accounts will be closed across the country. Messages have been issued to all such savings account holders by GPOs. Pension system of post offices has also been shifted to banks in phases.

Back in November last year, the Pakistan Post announced that it will stop opening new savings accounts from November 16 until its system becomes fully computerised to meet one of the requirements of the Financial Action Task Force (FATF).

The agency also announced that it will also stop issuing saving certificates.