State Bank of Pakistan (SBP) has hammered three commercial banks with different penalties to the tune of Rs. 131.4 million in the quarter ended on June 2022 on account of enforcement action against the violations of its prescribed regulations.
According to the notification, the central bank has imposed JS Bank a heavy penalty of Rs. 85.14 million on the violation of regulatory instructions pertaining to CDD/KYC, asset quality, FX, and general banking operations.
Habib Bank Limited (HBL) has been imposed a penalty of Rs. 29 million for the violation of regulatory instructions pertaining to CDD/KYC.
Bank of Punjab (BOP) was hammered with a penalty of Rs. 17.24 million for violation of regulatory instructions pertaining to CDD/KYC.
The banking watchdog has advised these banks to strengthen their processes in the identified areas.