Bank Processes in Pakistan: Zainab Case

[Divergent]

Hi Guys,

I’m not familiar with Pakistan’s Banking System and was wondering if you could assist. Below is an attachment of the accounts held by Zainab’s culprit.

In total there were 40 accounts amongst various Banks.

One specific bank which occurs mostly is the ‘National Bank of Pakistan’, totalling upto 15 Accounts with the same bank.

The accounts are opened with no changes made to the account holders details.

My question is, how many accounts can a customer hold with the same bank under the same name and details, despite belonging to different branches allocated in variant areas? Surely to have 15 accounts under one bank and details must raise an eyebrow or trigger suspicions (unless it provides assorted services)??

Does the system not bring up existing accounts, since it’s all programmed to be aligned for the same company irrespective of location?

 

[Mugwop]

@I.R.A

 

[airmarshal]

I think the person who submitted the evidence in court has said the list circulating on social media is fake.

However, there is no limit to number of bank accounts a person can have. There was no limit at least when I was living in Pakistan. Now rules could have changed.

 

[Musafir117]

I think the person who submitted the evidence in court has said the list circulating on social media is fake.

However, there is no limit to number of bank accounts a person can have. There was no limit at least when I was living in Pakistan. Now rules could have changed.

In same bank you can have three accounts.
1. Personal pvt Account
2. Joint Accout
3. Business Account.
There is no 4th in same back with same name.
Now if we have 50 banks you can open 150 accounts. But the question is do you really need that all?

 

[xyxmt]

how old that guy, If i am not wrong he is 24...I never met any 24 year old Pakistani `boy`who even knows how to wipe his *** properly let alone opening 30 bank accounts.

 

[rizhussain44]

Hi Guys,

I’m not familiar with Pakistan’s Banking System and was wondering if you could assist. Below is an attachment of the accounts held by Zainab’s culprit.

In total there were 40 accounts amongst various Banks.

One specific bank which occurs mostly is the ‘National Bank of Pakistan’, totalling upto 15 Accounts with the same bank.

The accounts are opened with no changes made to the account holders details.

My question is, how many accounts can a customer hold with the same bank under the same name and details, despite belonging to different branches allocated in variant areas? Surely to have 15 accounts under one bank and details must raise an eyebrow or trigger suspicions (unless it provides assorted services)??

Does the system not bring up existing accounts, since it’s all programmed to be aligned for the same company irrespective of location?

View attachment 449935

If you are trying to do a follow up of Dr. Shahid Masood's claim of culprit's bank accounts then note that as per Dr SM the Bank Account lists circulating on the internet are fake and these are not the Bank Accounts what he has. As per my understanding he has not shared those with anyone except with CJP.

 

[Mrc]

Please note that kasur culprit has no bank accounts....

 

[Divergent]

Please can you respond to the question, I’m not asking for the legitimacy of the document - that’s for the courts to decide and as far as I’m aware, they’ve been passed.

I’m asking how many accounts in total can a customer hold with the same bank IN Pakistan, even IF they’re opened in different branches nationally? Thank you.

 

[Sugarcane]

Please can you respond to the question, I’m not asking for the legitimacy of the document - that’s for the courts to decide and as far as I’m aware, they’ve been passed.

I’m asking how many accounts in total can a customer hold with the same bank IN Pakistan, even IF they’re opened in different branches nationally? Thank you.

You can open as many accounts as you want, all you need is valid CNIC and declare source of income

In same bank you can have three accounts.
1. Personal pvt Account
2. Joint Accout
3. Business Account.
There is no 4th in same back with same name.
Now if we have 50 banks you can open 150 accounts. But the question is do you really need that all?

There's no such limitation, I have 4 personal accounts in same bank

 

[Divergent]

You can open as many accounts as you want, all you need is valid CNIC and declare source of income



There's no such limitation, I have 4 personal accounts in same bank

That needs to stop happening. Accounts of other service and Business is different but opening duplicate accounts providing the same service is unnecessary and this is why money laundering is high in Pakistan.

 

[Sugarcane]

That needs to stop happening. Accounts of other service and Business is different but opening duplicate accounts providing the same service is unnecessary and this is why money laundering is high in Pakistan.

Ayan Ali wasn't laundering money using bank accounts, nor the multiple accounts by same person can be used for money laundering because all accounts will be linked to same CNIC and consolidate turnover over of all accounts is available with State Bank and FBR.

 

[Divergent]

Ayan Ali wasn't laundering money using bank accounts, nor the multiple accounts by same person can be used for money laundering because all accounts will be linked to same CNIC and consolidate turnover over of all accounts is available with State Bank and FBR.

Flawed policy. Currently I’m on a schedule but I’ll elaborate my points soon. Do you not think, having the same account type, over a certain amount is a risk to the financing/banking system?

 

[Sugarcane]

Flawed policy. Currently I’m on a schedule but I’ll elaborate my points soon. Do you not think, having the same account type, over a certain amount is a risk to the financing/banking system?

There's no risk to banking system, but your concerns that multiple accounts by same person is reason of money laundering are wrong. Money laundering is done through corporate accounts not personal accounts, you need documents to justify outward remittance from personal accounts.

 

[Hassan Guy]

What if we hanged the guy, and called it a day.

 

[I.R.A]

@I.R.A

Please read this SBP guide ..... its a rudimentary guide as to types of bank accounts and what they mean.

http://www.sbp.org.pk/cpd/pdf/learning/A Guide About Bank Accounts.pdf

And this to get an idea of basic requirements to open a bank account

http://www.sbp.org.pk/bpd/2003/c10.htm

Different banks may add to these requirements.

Opening local currency bank accounts is not easy (as far as the paper requirements go), not especially after all that war on terrorism and money laundering. Its a lengthy process to some extent and involves checks and verification. Any normal person who wishes to open back account needs to provide either employment certificate or some sorts of recommendation from an existing bank account holder. I guess that banks have sorts of E verisys available to them where they verify and confirm if the applicant is holding a genuine ID card ..... and his details and his family details exist in NADRA's database. This is the first step which involves bank account opening application form ....... however, once you have the required information and there is nothing wrong with your CNIC (i.e. ID card) you won't face any problems opening a normal salary account with almost all the banks, it takes a hundred rupee note only. The second phase is operating that account ...... that involves money coming in and going out ...... any bank account that say started with low initial deposit and the amount of money coming in remains say somewhat on the lower side, the bank would raise an alarm if there is a big inward receipt and then there is a big outflow. They should be asking where it came from and where it went ....... if they don't (being lazy rears) no problems at all .... the transactions can go unchecked. This phase also involves FBR's requirements ..... a person who earns more than PKR 500,000 annually is supposed file his wealth statement and reconciliation ..... that statement would include providing information of all the bank accounts and the balances in there at close of tax year. Then suppose if a person is a non filer, the banks get to know their tax status and treat him accordingly ....... a non filer faces tax deducted at source on his banking transactions ..... again the information is confirmed from FBR system and details of tax withholding provided to FBR system. There is no limit on number of bank accounts within a bank (different branches) or different bank accounts. The account types can be different as well depending on the requirements of the customer.

Foreign Currency Accounts invite stricter requirements and monitoring ..... SBP's forex rules also apply. For any normal person it is not that easy to operate and open.

I hope I have been of some value ...... in any case I will be glad to answer any other questions, let me know if you have any.