SBP penalizes five banks for Rs224m over regulatory breaches

News Image

MG News | May 24, 2023 at 12:44 PM GMT+05:00

0:00

May 24, 2023 (MLN): The State Bank of Pakistan (SBP) has imposed hefty fines on five banks for violating its rules and regulations in the first quarter of 2023, with the total amount of penalties worth Rs223.987 million, according to a document released by SBP's Banking Supervision Department.

The banks were found guilty of breaching the standards of customer due diligence, anti-money laundering, foreign exchange and general banking operations. SBP said that the penalties were based on deficiencies in the compliance of regulatory instructions and did not reflect the financial soundness of the entities.

Askari Bank Limited was fined Rs83.415m for violating the regulatory instructions pertaining to customer due diligence, foreign exchange and general banking operations. SBP advised the bank to strengthen its controls and processes in the identified areas.

Sindh Bank Limited was fined Rs55.393m for violating the regulatory instructions pertaining to customer due diligence and general banking operations. SBP advised the bank to enhance the oversight of its board of directors and senior management in matters related to anti-money laundering and counter-terrorism financing risk, and to strengthen the control functions.

Zarai Taraqiati Bank Limited was fined Rs37.263m for violating the regulatory instructions pertaining to customer due diligence, asset quality and general banking operations. SBP advised the bank to strengthen its controls and processes in the identified areas.

Soneri Bank Limited was fined Rs27.449m for violating the regulatory instructions pertaining to customer due diligence and asset quality. SBP advised the bank to strengthen its controls and processes in the identified areas.

Mobilink Microfinance Bank Limited was fined Rs20.467m for violating the regulatory instructions pertaining to anti-money laundering, asset quality and general banking operations. SBP advised the microfinance bank to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 138,597.36
256.32M
-0.05%
-68.14
ALLSHR 85,286.16
608.38M
-0.48%
-413.35
KSE30 42,340.81
77.13M
-0.03%
-12.33
KMI30 193,554.51
76.19M
-0.83%
-1627.52
KMIALLSHR 55,946.05
305.11M
-0.79%
-443.10
BKTi 38,197.97
16.53M
-0.59%
-225.01
OGTi 27,457.35
6.73M
-0.94%
-260.91
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,670.00 121,165.00
117,035.00
-1620.00
-1.36%
BRENT CRUDE 69.23 70.77
69.14
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.03 67.54
65.93
-0.20
-0.30%
SUGAR #11 WORLD 16.79 17.02
16.71
0.05
0.30%

Chart of the Day


Latest News
July 18, 2025 at 07:21 PM GMT+05:00

Pakistan strengthens UK trade links


July 18, 2025 at 05:36 PM GMT+05:00

Pakistan, China set to advance agricultural innovation


July 18, 2025 at 05:10 PM GMT+05:00

PSX Closing Bell: Riding High, Ending Low



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg