HMB fined Rs59.5m for violating AML/CFT guidelines

KARACHI: The State Bank of Pakistan (SBP) has imposed a monetary penalty of Rs59.516 million on Habib Metropolitan Bank (HMB) on account of violation of its guidelines pertaining to Anti-Money Laundering and Combating Terrorist Financing (AML/CFT).

A notification issued by the central bank said that in addition to penal action, HMB has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.

Meanwhile, in a separate statement, the SBP said with a view to further align AML/CFT regulations with the Financial Action Task Force (FATF) recommendations, it has decided to amend some provisions of the regulations. These amendments will provide further clarity on the implementation of AML/CFT requirements by SBP, the notification read.

- Advertisement -
- Advertisement -

Must Read

ECC excludes third party access for new LNG terminals

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet at Finance Division here on Friday approved the proposal to exclude new Liquefied Natural Gas...