KARACHI: The State Bank of Pakistan while taking enforcement actions against violation of regulatory instructions and deficiencies in general banking operations has imposed penalty of Rs 525.244 million on eight banks operating in the country.
According to data issued by SBP’s Banking Supervision Department on Thursday, the actions were taken against deficiencies in the compliance of regulatory instructions pertaining to anti-money laundering, combating to financing of terrorism, asset quality, customer dealings and general banking operations while they did not constitute a comment on the financial soundness of the entity.
As per data shared on SBP website, action has been taken against MCB Bank Limited for violation of regulatory instructions pertaining to AML/CFT and general banking operations with imposition of monetary penalty amounting to Rs 289.091 million.
Monetary penalty of Rs 62.177 million was imposed on Sindh Bank Limited for violating regulatory instructions pertaining to AML/CFT, asset quality, foreign exchange and general banking operations.
Zarai Taraqqiati bank Limited also received monetary penalty amounting to Rs 75.759 million for violation of regulatory instructions pertaining to AML/CFT, asset quality and general banking operations.
The SBP imposed monetary penalty of Rs 32.504 million on the Punjab Provincial Cooperative Bank Limited under the charges of violation of regulatory instructions pertaining to AML/CFT.
The above mentioned banks had been advised as well to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
As per data, monetary penalty amounting to Rs 11.100 million was imposed on Bank Alfalah Limited for violation of regulatory instructions pertaining to asset quality and general banking operations.
First Women Bank Limited was penalized with monetary penalty of Rs 31.577 million on violation of regulatory instructions pertaining to asset quality, Customer Due Diligence (CDD) and Know Your Customer (KYC) and general banking operations.
Soneri Bank Limited received monetary penalty of Rs 12.590 million on violation of regulatory instructions pertaining to CDD or KYC, Foreign exchange and general banking operations.
Pak Brunei Investment Company Limited got monetary penalty amounting to Rs 10.446 million for violating regulatory instructions pertaining to CDD/KYC, asset quality and general banking operations.
In addition to penal action, the mentioned 4 banks were also advised to strengthen its processes with respect to identified areas.