KARACHI: MCB Bank has paid an amount of Rs191.76 million as penalties for various regulatory violations during the year ended December 31, 2020.
According to financial results released by the bank for the year ended December 31, 2020, the bank paid the amount of Rs191.76 million to the State Bank of Pakistan (SBP) as penalties for violation of various regulations.
The payment of penalty increased registered a phenomenal growth in the year ended December 31, 2020 when compared with Rs46.07 million paid in the preceding year.
The rise in penal amount showed the violation of regulatory provisions had increased during the year. The SBP imposes the penalty on banks for mainly violating Know Your Customer (KYC) and provisions related to anti money laundering laws.
