October 28, 2020 (MLN): The State Bank of Pakistan (SBP) has imposed monetary penalty worth Rs.271.622 million on four banks that violated SBP’s rules and regulations during July-September 2020.

According to a notice issued by SBP, the penalty was imposed mainly on violations in the area of CDD/KYC/CFT/AML/FX, Asset Quality, and general banking operations.

Among the banks, the highest penalty of Rs.116.269 million was imposed on Bank Islami Ltd, followed by Rs.86.119 million on Albaraka Bank (Pakistan) Ltd, Rs.59.234 million on Soneri Bank Ltd and Rs.10 million on the Bank of Punjab.

In the previous quarter, the SBP imposed penalties of Rs.1.684 billion on 15 banks for similar violations of rules and regulations.

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