Karachi July 27 2023: State Bank of Pakistan fine six banks with penalty of PKR 350.79 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.
National Bank of Pakistan fined PKR 144.207 million over violation of regulatory instructions pertaining to CDD/KYC and Asset Quality. In addition to penal action, the bank has been advised to enhance the internal processes and controls.
Bank Alfalah Limited fined PKR 125.253 million on violation of regulatory instructions pertaining to AML/CFT, CDD/KYC, FX and General Banking Operations. In addition to penal action, bank has been advised to ensure meticulous compliance with the regulatory instructions.
On violation of regulatory instructions pertaining to AML/CFT, CDD/KYC, FX and General Banking Operations Meezan Bank Limited was fined PKR 38.03 million In addition to penal action, the bank has been advised to improve its internal processes.
Allied Bank Limited fined PKR 20.660 million on violation of regulatory instructions pertaining to CDD/KYC, FX and General Banking Operations. In addition to penal action, the bank has been advised to improve its internal processes.
Punjab Provincial Cooperative Bank Limited fined PKR 12.229 million over Violation of regulatory instructions pertaining to CDD/KYC, Asset Quality and General Banking Operations. In addition to penal action, the bank has been advised to improve its internal processes and controls.
Bank Al Habib Limited charged PKR 10.420 million on violation of regulatory instructions pertaining to CDD/KYC, FX and General Banking Operations. In addition to penal action, the bank has been advised to monitor the usage of card based transactions.
