Biometric Authentication to Stop Money Laundering in Pakistan
Recently The State Bank of Pakistan has mandated all of its banks to start verifying all of their account holders using biometric technology. The goal of this exercise is to stop money laundering in Pakistan.
In the past; opening a bank account only requires the account holder’s details in printed/written form along with their id cards. However, after this current announcement, to open a bank account in Pakistan, one has to provide biometric data using an e-registration system. This procedure is also applicable for those who have registered before without biometric verification process.
Many private banks throughout the globe have already deployed biometric identification solution to reduce fraud at their banks. Biometric technology help banks to know its customers better and revolutionize their KYC process. After implementing the biometric solution from M2SYS for customer identification in the microcredit loan process, this helped Grupo Monge (Costa Rican Capital Corporation) to be rest assured that no one is exploiting the loan system by assuming the identity of another individual. Since the deployment of biometric identification solution, Grupo Monge has enrolled over half a million microcredit loan customers and seen over a 10% reduction in customer fraud and no recoverable cases.
The Implementation of biometric authentication is a breakthrough step for Pakistan in its fight against financial crime. This deployment will help the Pakistani government to escalate the effectiveness of financial intelligence through proper investigation and prosecution of money laundering and terrorist financing. After this biometric deployment, there will be no fake and unknown accounts.
M2SYS Biometric technology has also helped banks and other financial institutions to fight against financial crime and improve their KYC standard. For example in 2013 Arig bank selected the M2SYS Bio-Plugin™ SDK (Software Development Kit) paired with M2-FuseID™ Smart Fingerprint Reader to secure their customer identification process. This software has the capability of identifying thousands of bank account holders from different locations.
If you want to deploy biometric authentication system in your bank, contact M2SYS. We have over 17 years work experience, in the biometric technology deployment projects. As one of the leading biometric technology vendor in the market, we have a very high reputation for providing a top-notch solution for our banking customers.
You can also find our case studies on some of the deployments in banking and financial services worldwide.
