The State Bank of Pakistan (SBP) has imposed heavy fines on 15 commercial banks over a failure to record customers’ data and violation of foreign exchange and anti-money laundering laws.
According to the central bank, the collective fine to the tune of Rs1.68 billion was imposed on the banks for violations of regulations that were recorded from March to June.
The banks that have been fined include UBL, JS Bank Ltd, Meezan Bank Ltd, Faysal Bank Ltd, The Bank of Punjab, Habib Bank Ltd, MCB Bank Ltd, National Bank of Pakistan, Bank Al-Habib, Habib Metropolitan Bank, Bank Alfalah, Askari Bank, Bank Islami Ltd, Punjab Provincial Cooperative Bank and the Zarai Taraqiati Bank.
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 deligence rules.
