SBP penalizes HBL with Rs 35.6mln due to violations in the areas of FX and CDD

November 13, 2019: The State Bank of Pakistan (SBP) has charged Habib bank Limited with a Monetary Penalty of Rs. 35.62 million, on account of violations in the areas of Foreign Exchange operations and Customer Due Diligence (CDD).

According to a notice issued by SBP, the penalty was imposed mainly on deficiencies in the areas of foreign trade operations and customer due diligence.

‘The bank has been advised timelines to bring improvements in its systems/controls to avoid recurrence of such lapses/violations in future’ the notice said.

HBL had announced profits of Rs. 8.8 billion (EPS: Rs. 5.89) for the nine months ended on September 30, 2019, i.e. around 10.9% lower than the same period of last year.

Earlier in September, SBP had imposed monetary penalty worth Rs. 133.312 million on three banks for flouting SBP’s rules, laws, regulations, guidelines or directives.

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