The State Bank of Pakistan (SBP) has imposed monetary penalty of Rs 1.68 billion on at least 15 commercial banks for violating various regulations, including anti-money laundering (AML) and counter financing of terrorism (CFT), says a press release. The SBP on Saturday released data of significant enforcement actions by the central bank during March-June 2020. Top banks are also on the list for serious violators of regulations, including Customers Due Diligence, Know Your Customer, Asset Quality, Foreign Exchange Operations, Corporate Governance and AML/CFT. The SBP said that these actions are based on deficiencies in regulatory compliance and does not constitute a comment on the financial soundness of the entity. The SBP from July 2019 started public disclosure of penal action against banks. “Enforcement actions are an integral part of regulatory regime which involves imposition of monetary penalties and other actions against institutions and individuals for violations of laws, rules, regulations, guidelines or directives issued by SBP from time to time,” according to a circular issued by the central bank.
SBP levies Rs 1.68bn monetary penalty on at least 15 commercial banks
The State Bank of Pakistan (SBP) has imposed monetary penalty of Rs 1.68 billion on at least 15 commercial banks for violating various regulations, including anti-money laundering (AML) and counter financing of terrorism (CFT), says a press release. The SBP on Saturday released data of significant enforcement actions by the central bank during March-June 2020. […]
