The State Bank of Pakistan (SBP) has imposed penalties of Rs. 350.7 million on six major commercial banks mainly for the violation of its rules and regulations during the period of April to June 2023.
According to the quarterly enforcement order, the banking watchdog pointed out that these banks were observed for violating regulatory instructions pertaining to CDD/KYC and asset quality, AML/CFT, CDD/KYC, FX, and general banking operations.
The following banks have been penalized by the central bank:
- National Bank of Pakistan (NBP) faced a penalty of Rs. 144.207 million.
- Bank Alfalah was fined Rs. 125.253 million.
- Meezan Bank also faced a penalty of Rs. 38.030 million.
- Allied Bank was penalized with a fine of Rs. 20.660.
- Punjab Provincial Cooperative Bank was fined Rs. 12.229 million.
- Bank Al- Habib faced a penalty of Rs. 10.420 million.
In addition to penal action, these banks have been advised to enhance internal processes and controls by the banking regulator.
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