Karachi October 28 2022: State Bank of Pakistan imposed penalties of PKR 290.4 million on six banks over violation of regulatory instructions.
SBP states that 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.
Bank Al Habib Limited tops the list with fine of PKR 140.03 million by the central bank over Violation of regulatory instructions pertaining to CDD/KYC, Asset Quality, FX and General Banking Operations.
A penalty of PKR 81.7 million was imposed on Meezan Bank Limited over violation of regulatory instructions pertaining to CDD/KYC, Asset Quality, FX and General Banking Operations.
National Bank of Pakistan was fined with penalty of PKR 25.9 million on violation of regulatory instructions pertaining to Asset Quality and General Banking Operations.
A fine of PKR 19.2 million was imposed on MCB Bank Limited on Violation of regulatory instructions pertaining to CDD/KYC, Asset Quality and General Banking Operations and JS Bank Limited faces penalty of PKR 13.5 million over violation of regulatory instructions pertaining to General Banking Operations.
Faysal Bank Limited faced the least amount of fine with an amount of PKR 10.0 million over violation of regulatory instructions pertaining to CDD/KYC.
State Bank of Pakistan in addition to penal action has advised the banks to strengthen its controls/processes in the identified areas.
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