The Central Bank of Pakistan has imposed heavy fines on 15 commercial banks over a failure to record customer`s data and violation of foreign exchange and anti-money laundering laws.
The SBP has started bringing fines on banks to the public from July 2019. SBP has released details of all 15 banks. In its notification, the SBP it fined of Rs 1.68 billion for violating the rules by 15 banks between March and June 2020.
Most of the banks violated customer due diligence rules while two banks had violations under the anti-money laundering and terror financing rules.
The Punjab Provincial Cooperative Bank and the Zarai Taraqiati Bank were found violating the anti-money laundering and terror-financing laws while the rest were fined for violating customer due diligence rules.
