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SBP Imposed Fine on Four Leading Commercial Banks Over Violation of Regulations

admin-augaf by admin-augaf
October 25, 2023
in Business, Finance
Reading Time: 1 min read
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Karachi October 25 2023: State Bank of Pakistan imposed fine of PKR 83.15 million on four banks for violation of regulatory instructions.

“These actions are based on deficiencies in the compliance of regulatory instructions and do not constitute a comment on the financial soundness of these entities” says Central Bank.

A fine of PKR 26.5 million is imposed on United Bank Limited for violation of regulatory instructions pertaining to FX and General Banking Operations. In addition to penal action, bank has been advised to strengthen its controls and ensure meticulous compliance with the regulatory instructions.

The Bank of Punjab is fined PKR 21.569 million for violation of regulatory instructions pertaining to General Banking Operations. In addition to penal action, the bank has been advised to strengthen its systems and controls to avoid recurrence of regulatory violations.

A fine of PKR 18.5 million is imposed on JS Bank Limited for 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 systems and controls to avoid recurrence of regulatory violations.

Allied Bank Limited is fined PKR 16.578 million for violation of regulatory instructions pertaining to General Banking Operations. In addition to penal action, the bank has been advised to improve its internal processes in order to avoid violations in future.

Tags: BanksSBP
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