SBP imposes penalties worth Rs525.244 on major banks


The State Bank of Pakistan has imposed Rs525.244 million penalties on banks that violated SBP’s rules and regulations during the quarter ended in June 2021.

The State Bank of Pakistan monitors and taking action against institutions that do not meet the regulatory requirements. In case of any violation, the institutions face penalties, administrative and financial sanctions, and reference to concerned law enforcement/prosecution agencies.

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Below is the details of penalties The State Bank has imposed on different banks.

The State Bank of Pakistan has imposed Rs 289.091 million penalty on MCB for violating regulatory instructions pertaining to AML/CFT & General Banking Operations”.

The Zarai Taraqiati Bank Limited has also faced a similar penalty of Rs75.759 million for violating regulatory instructions pertaining to AML/CFT, Asset Quality & General Banking Operations.

Similarly, the Central Bank has imposed Rs62.177 million and Rs 32.504 million on Sindh Bank and Punjab Bank, respectively.

The Central Bank also imposed a Rs 31.577mn penalty on First Women Bank for violating the regulatory instructions pertaining to Asset Quality, CDD/KYC & General Banking Operations.

Furthermore, Bank Alfalah Limited, Soneri Bank Limited and Pak Brunei Investment Company Limited faced the penalty of Rs 11.100mn, Rs 12.590mn and Rs 10.446mn, respectively.

“These actions are based on deficiencies in the compliance of regulatory instructions and do not constitute a comment on the financial soundness of the entity,” added the SBP.

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