KARACHI: The State Bank of Pakistan (SBP) has imposed Rs1.45 billion as monetary penalty on 18 financial institutions for violating regulatory provisions during the year ended December 31, 2021.
According to data, the SBP imposed Rs1.45 billion as monetary penalty on 18 financial institutions.
The central bank issues data of significant actions against banks on quarterly basis. The detail of imposition of monetary penalty during each quarter of 2021 is as: January – March, Rs 97.6 million; April – June, Rs 525.25 million; July – June, Rs465.04 million; and October – December Rs58 million.
The banks mostly violated regulatory provisions related to foreign exchange and general banking operations. Further, banks were also found violating instruction pertaining to anti-money laundering (AML) and counter financing of terrorism (CFT).
Besides, the banks had also violated instructions pertaining to customer due diligence (CDD) and know your customer (KYC).
The details of penalty imposed on 18 banks is as follow:
- Habib Bank Limited: Rs39.77 million
- MCB Bank: Rs299.1 million
- MCB Islamic Bank Limited: Rs 37.1 million
- United Bank Limited: Rs49 million
- Bank Alfalah Limited: Rs11.1 million
- First Women Bank Limited: Rs31.57 million
- Sindh Bank Limited: Rs62.18 million
- Soneri Bank Limited: Rs12.6 million
- Zarai Taraqiati Bank Limited: Rs75.76 million
- The Punjab Provincial Cooperative Bank Limited: Rs32.5 million
- Pak Brunai Investment Company Limited: Rs10.45 million
- National Bank of Pakistan (NBP): Rs291 million
- Silk Bank Limited: Rs132.44 million
- Industrial and Commercial Bank of China-Pakistan Branches: Rs13.54 million
- Bank Alhabib Limited: Rs 13.68 million
- The Bank of Punjab: Rs 12.54 million
- Standard Chartered Bank (Pakistan) Limited: Rs11.04 million
- Askari Bank Limited: Rs10.3 million
