August 4, 2022 (MLN): The State Bank of Pakistan (SBP) has imposed monetary penalty worth Rs131.42 million on three banks that violated SBP’s rules and regulations during April-June 2022.
According to a notice issued by SBP, the penalty was imposed mainly on violations of regulatory instructions pertaining to CDD/KYC, asset quality, FX and genera banking operations.
Among the banks, the highest penalty of Rs85.148 million was imposed on JS Bank Ltd, followed by Rs29.035 million on Habib Bank Ltd, and Rs17.242 million on Bank of Punjab.
In addition to the penal action, the banks have been advised to strengthen their controls and processes in the identified areas.
In the previous quarter, the SBP imposed a monetary penalty of Rs108.94 million on four banks for similar violations of rules and regulations.