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The State Bank of Pakistan (SBP) has imposed penalties worth nearly Rs350.8 million on six banks during the quarter ending June 30, 2023, 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 the SBP on Thursday, National Bank of Pakistan (NBP) faced the highest penalty of Rs144.207 million in violation of regulatory instructions pertaining to Customer Due Diligence (CDD)/ Know Your Customer (KYC) and asset quality.

In addition to penal action, the bank has been advised to enhance the internal processes and controls.

Bank Alfalah Limited was second on the list with a penalty of Rs125.253 million in violation of regulatory instructions pertaining to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT), CDD/KYC, foreign exchange (FX) and general banking operations.

In addition to penal action, the bank has been advised to ensure meticulous compliance with the regulatory instructions

Meezan Bank Limited was third on the list with the penalty of Rs38.03 million for violation of regulatory instructions pertaining to CDD/KYC, FX and general banking operations. In addition to penal action, the bank has been advised to improve its internal processes.

The central bank also imposed a penalty of Rs20.66 million on Allied Bank Limited in violation of regulatory instructions pertaining to CDD/KYC, FX and general banking operations. In addition to penal action, the bank has been advised to improve its internal processes.

Moreover, Punjab Provincial Cooperative Bank Limited was the fifth bank on the list with a penalty of Rs12.229 million, imposed amid violation of regulatory instructions pertaining to CDD/KYC, asset quality and general banking operations.

In addition to penal action, the bank has been advised to improve its internal processes and controls.

Lastly, Bank Al Habib Limited was penalised Rs10.42 million for violations of regulatory instructions pertaining to CDD/KYC, FX and general banking operations. In addition to penal action, the bank has been advised to monitor the usage of card-based transactions.

Comments

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Hilarious Jul 27, 2023 04:34pm
So like the profits they made during lunch hours last Thursday, a slap on the wrist. This should give the banks courage to do even worse, and they should be doing so in such an enabling environment.
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MUHAMMAD zaki Jul 28, 2023 11:23am
Only penalties, will not be sufficient. Stern action should be taken, against them. They do black marketing of $., And they did.especially BANK AL HABIB, N.NAPIER ROAD, BRANCH.
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Afzal Ul Hameed Jul 28, 2023 12:52pm
Bank Al Falha banking system is 3rd class system I ever saw in my life... Bank Al falaha has blocked my account without and reasons without knowing me without asking me... And my money almost 53 thousands was stucked in the account and I'm not able to withdraw my money.. and it' has been more than a year... Kindly close All the branches of Bank Al falaha in Pakistan and say good bye to the 3rd class ever Banking system which is harmful for Pakistani awam and also for Pakistani money thanks
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Hassan Jan Jul 28, 2023 03:35pm
Every institution must strictly be monitored n in case of violation, strict action with imposition of penalties must be ensure for a transparent service delivery.
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Rana Naveed Ahmad Jul 29, 2023 08:26am
This reflects the quality of hiring of C suite Executives.
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Nadeem Jul 29, 2023 09:51am
Why banks not commenting on these supervisory actions where regulator is merely generating income on pretext of CDD/KYC penalties, to please FATF at the cost of bank reputation with public humiliation.
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