SBP cracks down on banks ahead of FATF review

By MG News | September 26, 2019 at 10:43 AM GMT+05:00

0:00

September 26, 2019 (MLN): Ahead of FATF review in October 2019, State Bank of Pakistan (SBP) is heavily penalising Banks on weakness observed in CDD/AML/CFT controls and non-completion of biometric verification of active portfolio.

As per the sources within banks, SBP has imposed monetary penalty of Rs 10 million each on 12 banks for non-completion of biometric verification.

Earlier, in the month of August, SBP imposed penalty of Rs.805.10 million on different financial institutions for various infractions during the month.

The reason behind such aggressive action is that SBP needs to demonstrate its actions to FATF members in Oct 2019 meeting, while New SBP Governor is not willing to show any leniency.

However, much stricter actions taken by SBP would definitely create problems for Banking industry that is facing many hurdles in present economic conditions.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	130,970.63 252.87M	0.48% 626.60
ALLSHR	81,437.57 816.47M	0.51% 413.58
KSE30	40,071.91 100.67M	0.41% 163.64
KMI30	190,885.05 133.87M	0.71% 1350.05
KMIALLSHR	55,114.06 450.74M	0.60% 330.40
BKTi	34,936.62 25.22M	-0.01% -4.11
OGTi	28,747.01 19.87M	1.59% 450.95

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	110,905.00	110,960.00 109,200.00	620.00 0.56%
BRENT CRUDE	68.53	69.00 68.32	-0.58 -0.84%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	-0.75 -0.76%
ROTTERDAM COAL MONTHLY	109.20	0.00 0.00	0.20 0.18%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.88	67.50 66.65	-0.57 -0.85%
SUGAR #11 WORLD	15.88	15.90 15.44	0.30 1.93%