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Enforcement Action: SBP penalizes Banks Rs.805 Million in August

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September 6, 2019 (MLN): The State Bank of Pakistan (SBP) imposed monetary penalty of Rs.805.10 Million on different financial institutions for various infractions during the month of August.

According to data released by the SBP, the penalty was imposed on 10 different Commercial Banks for various indiscretions ranging from Violations in the areas of FX Operations to Violations in the areas of AML/KYC, Asset Quality, Corporate Governance, AML/CFT and Consumer Protections.

The SBP clarified the action taken in each instance which largely focused on deficiencies in due diligence in various aspects of operations.


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Posted on: 2019-09-06T23:10:00+05:00