State Bank of Pakistan (SBP) has imposed a penalty of Rs. 35.6 million on Habib Bank Limited. The central bank stated that the monetary penalty was imposed mainly for deficiencies in the areas of foreign trade operations and customer due diligence.
The bank has been advised timelines to bring improvements in its systems/controls to avoid the recurrence of such lapses/violations in the future.
”The Bank is aware of this case. It is related to the transactions which were executed during 2015-2017. The transactional irregularities were detected in a few of our branches in Lahore. Some Bank staff, acting illegally, in their individual capacity, undertook transactions that negatively impacted the Bank, said Ali Habib, who is the spokesperson of HBL.
While talking to ProPakistani, the spokesperson further added that ”The Bank filed a complaint with the law enforcement agencies to investigate the matter and take action. An FIR has been registered. An investigation is underway by the law enforcement authorities. The Bank endeavors to be compliant with all regulatory requirements. We take such matters very seriously.”
HBL was previously also penalized by the central bank for its violation of different accounts.
The central bank had punished three banks with heavy penalties of Rs. 133.3 million for the violation of its rules, laws, regulations, guidelines or directives last month.