State Bank of Pakistan (SBP) has imposed a penalty of Rs. 59.5 million on Habib Metropolitan Bank based on deficiencies in the compliance of regulatory instructions.
In the recent enforcement order, SBP stated that the bank violated the instructions and regulations pertaining to AML/CFT.
In addition to penal action, SBP has directed the bank to conduct an internal inquiry regarding the breaches of regulatory instructions and take disciplinary action against the delinquent officials.
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The banking regulator regularly inspects and audits operations and compliances of commercial banks across the country and imposes heavy fines on the bank in case of failures to meet the regulatory standards.
It has been observed that incidents of the imposition of penalties on banks have reduced considerably in 2020.