The State Bank of Pakistan (SBP) has taken stringent action against ten banks, imposing fines of Rs 465.081 million for violations of its rules and regulations.
As per SBP’s Banking Supervision Department, the penalties were slapped due to non-compliance with Know Your Customer (KYC) norms, anti-money laundering (AML) regulations, lapses in asset quality, foreign exchange transactions, and general banking operations standards.
United Bank and Habib Bank received the highest penalties of Rs 114.193 million and Rs 113.367 million respectively, for breaches in CDD/KYC, foreign exchange, and general banking operations.Â
Standard Chartered and Meezan Bank were fined Rs 58.375 million and Rs 44.705 million respectively, for non-compliance with CDD/KYC and foreign exchange.Â
Similarly, Askari Bank , JS Bank , MCB, and Dubai Islamic Bank were fined Rs 36.4054 million, Rs 27.009 million, Rs 23.554 million, and Rs 22.1 million respectively, for violations in CDD/KYC.Â
Mobilink Microfinance Bank Limited and Bank Alfalah Limited, receiving fines of Rs14.643 million and Rs10.73 million, respectively, for violations in CDD/KYC and general banking operations.
SBP has directed all banks to promptly address the identified issues and conduct internal inquiries regarding regulatory violations in branchless banking, taking necessary corrective actions.
