SBP imposes Rs 133.3 mln monetary fines on three banks

MG News | October 06, 2019 at 05:43 PM GMT+05:00

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October 06, 2019 (MLN): The State Bank of Pakistan (SBP) has imposed monetary penalty worth Rs 133.312 million on three banks in September 2019 for flouting SBP’s rules, laws, regulations, guidelines or directives.

Among three Banks, Meezan Bank Limited faced the highest penalty of Rs 63.805 million for procedural violations in areas of Know Your Customer (KYC)/ Customer Due Diligence (CDD).

Another major bank Askari Bank Limited also elicited penalties for the same violations. The bank was fined Rs 56.61 million.

MCB Islamic Bank Limited was the third in terms of penalty with Rs 12.906 million for the same procedural violations in areas of KYC/CDD.

In addition to the penal action, the SBP advised the banks to strengthen its process related to KYC/CDD, in order to avoid occurrence of similar violations in future.

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