Four commercial banks have been fined by the State Bank of Pakistan. The reason the banks have been fined is for violating the regulations of the State Bank in November.
The banks fined are Allied Bank, MCB, Bank of Punjab and Habib Bank Limited (HBL).
The fine placed on Allied Bank was Rs60 million. Fine on MCB was Rs91.8 million. Rs14 million fine was placed on Bank of Punjab while Rs22.6 million fine was placed on HBL.
Recently, the fines imposed on commercial banks have been made public by the State Bank. State Bank started making the fines public from July. Now from July till November SBP has fined Rs1.3 billion collectively to the commercial banks.
The violations by these banks include failure to comply with bank customs, due diligence and know your customer regulations.
Earlier we informed our readers that State Bank of Pakistan penalized three banks Meezan Bank, Askari Bank, and MCB Islamic Bank. They were fined for violating the prescribed rules and regulations of SBP. A penalty of Rs. 63.805 million was imposed on Meezan Bank. A penalty of Rs. 56.61 million is imposed on Askari Bank for violation Know Your Customers (KYC) and Customers Due Diligence (CDD) regulations while a penalty of Rs. 12.90 million is imposed on MCB Islamic Bank for violation of rules and regulations in areas of Know Your Customers (KYC) and Customers Due Diligence (CDD).
Also, four months back heavy penalties were imposed by the State Bank of Pakistan (SBP) on Soneri Bank, Bank Al-Habib, JS Bank, and Bank of Punjab for violating its prescribed rules and regulations. The penalties amounted to PKR.184 million.
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