The State Bank of Pakistan (SBP) has fined PKR 97.57 million to major Pakistani banks for regulatory violations in the month of March-2021.
The SBP takes imposing measures against institutions that do not comply with legal or regulatory requirements, and these measures can range from fines, administrative and involvement of Law enforcement agencies.
According to the State Bank of Pakistan, among the banks, Habib Bank Limited received the highest fine of Rs PKR 39.7million for violating the FX and General Banking regulations. In addition to the fine, SBP has recommended the bank to strengthen the operations in designated areas.
MCB Islamic Bank Limited remained second in line with fines of PKR 37.09 for anti-money laundering / terrorist financing, FX and general banking violations. Together with the penal action, SBP has recommended conducting an internal investigation into violations of regulatory documents and disciplinary proceedings against officials who violated the law.
United Bank Limited was fined PKR 10.71 million for violating CDD / KYC and general banking regulations. In addition to the fines, the bank was advised to strengthen procedures to prevent the recurrence of these violations.
Lastly MCB Bank Limited was fined PKR 10 million for violating general banking regulations. In addition to , the bank is recommended to strengthen its operations in designated areas.
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