SBP imposes monetary penalty on eight banks

KARACHI: The State Bank of Pakistan (SBP) on Thursday said it imposed monetary penalty of Rs525.23 million on eight commercial banks for violating regulatory provisions.

The SBP imposed penalty during quarter ended June 30, 2021 on the following banks:

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1. An amount of Rs11.1 million has been imposed as penalty on Bank Alfalah Limited. The bank is penalized for violation of regulatory instructions pertaining to Asset Quality & General Banking Operations. In addition to penal action, the bank has been advised to strengthen its processes with respect to identified areas.
2. An amount of Rs289.091 million has been imposed on MCB Bank Limited. The monetary penalty has been imposed for violation of regulatory instructions pertaining to AML/CFT & General Banking Operations. In addition to penal action, the bank has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
3. An amount of Rs31.57 million has been imposed on First Women Bank Limited. The monetary penalty has been imposed for violation of regulatory instructions pertaining to Asset Quality, CDD/KYC & General Banking Operations. In addition to penal action, the bank has been advised to strengthen its processes with respect to identified areas.
4. An amount of Rs62.17 million has been imposed as monetary penalty on Sindh Bank Limited. The monetary penalty has been imposed for violation of regulatory instructions pertaining to AML/CFT, Asset Quality, FX & General Banking Operations. In addition to penal action, the bank has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
5. An amount of Rs12.59 million has been imposed as monetary penalty on Soneri Bank Limited. The penalty has been imposed for violation of regulatory instructions pertaining to CDD/KYC, FX & General Banking Operations. In addition to penal action, the bank has been advised to strengthen its processes with respect to identified areas.
6. An amount of Rs75.759 has been imposed as monetary penalty on Zarai Taraqiati Bank Limited. The penalty has been imposed for violation of regulatory instructions pertaining to AML/CFT, Asset Quality & General Banking Operations. In addition to penal action, the bank has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
7. An amount of Rs32.5 million has been imposed as monetary penalty on The Punjab Provincial Cooperative Bank Limited. The penalty has been imposed for violation of regulatory instructions pertaining to AML/CFT. In addition to penal action, the bank has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
8. An amount of Rs10.44 million has been imposed as monetary penalty on Pak Brunai Investment Company Limited. The penalty has been imposed for violation of regulatory instructions pertaining to CDD/KYC, Asset Quality & General Banking Operations. In addition to penal action, the bank has been advised to strengthen its processes with respect to identified areas.