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Enforcement Action: SBP imposes over Rs 271 million penalties on four banks

  • The SBP takes supervisory enforcement actions against those institutions that fail to comply with legal or regulatory requirements and these actions may range from the imposition of penalties, administrative and financial sanctions, and reference to concerned law enforcement/prosecution agencies.
28 Oct 2020

The State Bank of Pakistan (SBP) has imposed over Rs 271 million penalties on four banks during the Quarter ending September 30, 2020, for non-compliance with legal or regulatory requirements.

The SBP takes supervisory enforcement actions against those institutions that fail to comply with legal or regulatory requirements and these actions may range from the imposition of penalties, administrative and financial sanctions, and reference to concerned law enforcement/prosecution agencies.

According to details issued by State Bank, among the banks' Bank Islami Ltd faced the highest penalty of Rs 116.269mn in procedural violations in the areas of CDD/KYC, General Banking Operations & Asset Quality, in addition to penal action the bank has been advised to strengthen its processes to avoid recurrence of such violations.

Albaraka Bank (Pakistan) Ltd was second on the list with a penalty of Rs 86.119n in violations in the areas of AML/CFT, FX Operations & 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.

Soneri Bank Ltd was third on the list with the penalty of Rs 59.234mn for procedural violations in the area of CDD/KYC In addition to penal action the bank has been advised to strengthen its processes to avoid the recurrence of such violations. Lastly, the Bank of Punjab was penalized Rs 10mn for procedural violations in the area of General Banking Operations.

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Humayun khan Oct 29, 2020 10:22pm
I think state bank scheme for salary and wages refinancing scheme is totaly fraud we apply with the name of orbit college thandkoi swabi and after aproval and whole completed document the hbl said that its scheme is over as we completed all off our documentation before its date but don't know why hbl and state bank not issuing money and said that its rejected after approval its rejected now its totaly fraud scheme
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Humayun khan Oct 29, 2020 10:27pm
In mardan region through hbl only orbit college thandkoi swabi has applied but at the end the results is zero don't know why i think its fraud and totaly wasting of time we spent 6 month for this scheme salry wages refinancing scheme but the result is zero so sorry to say that we not believe state bank and hbl scheme of anything its just wasting time .......
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