The State Bank of Pakistan (SBP), in July 2016, developed regulations on necessitating Biometric Verification for Over the Counter (OTC) money transfers (MT's) in Pakistan. These regulations, published as part of the updated branchless banking regulations of July 2016, are intended to enhance compliance to Know Your Customer (KYC) requirements and the Anti Money Laundering (AML) and Combating Financing of Terrorism (CFT) guidelines issued by the SBP.