State Bank imposes Rs. 350 Million fine on six banks
The State Bank of Pakistan (SBP) has recently taken action
against six major commercial banks, imposing penalties totaling Rs. 350.7 million.
The fines were primarily issued for violations of the SBP's rules and
regulations during the period from April to June 2023.
As per the quarterly enforcement order, the banks were found to
be in violation of regulatory instructions related to various areas, including
Customer Due Diligence (CDD) and Know Your Customer (KYC), asset quality,
Anti-
Money Laundering (AML) and Countering Financing of Terrorism (CFT),
foreign exchange (FX), and general banking operations.
The following banks faced penalties from the central bank:
National Bank of Pakistan (NBP) - Penalty: Rs. 144.207 million.
Bank Alfalah - Penalty: Rs. 125.253 million.
Meezan Bank - Penalty: Rs. 38.030 million.
Allied Bank - Penalty: Rs. 20.660 million.
Punjab Provincial Cooperative Bank - Penalty: Rs. 12.229
million.
Bank Al-Habib - Penalty: Rs. 10.420 million.
In addition to the financial penalties, the banks have also been
advised by the banking regulator to strengthen their internal processes and
controls.
Source: Pro Pakistani