Karachi May 24 2023: State Bank of Pakistan fine five banks with penalty of PKR 223 million over violation of regulations.
These actions are based on deficiencies in the compliance of regulatory instructions and does not constitute a comment on the financial Soundness of the entities, says the Central Bank in its statement.
Askari Bank Limited fined PKR 83.415 million over violation of regulatory instructions pertaining to CDD/KYC , FX and General Banking Operations. In addition to penal action, the bank has been advised to strengthen its controls/processes in the identified areas.
Sindh Bank Limited fined PKR 55.393 million on Violation of regulatory instructions pertaining to CDD/KYC and General Banking Operations. In addition to penal action, the bank has been advised to enhance the oversight of BOD and senior management in matters pertaining to AML/CFT risk, and strengthen the control functions.
On violation of regulatory instructions pertaining to CDD/KYC, Asset Quality and General Banking Operations Zarai Taraqiati Bank Limited was fined PKR 37.263 million. In addition to penal action, the bank has been advised to strengthen its controls/processes in the identified areas.
Soneri Bank Limited fined PKR 27.449 million on violation of regulatory instructions pertaining to CDD/KYC and Asset Quality. In addition to penal action, the bank has been advised to strengthen its controls/processes in the identified areas.
Mobilink Microfinance Bank Limited fined PKR 20.467 million over Violation of regulatory instructions pertaining to AML/CFT, Asset Quality and General Banking Operations. In addition to penal action, the MFB has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
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