SBP imposes Rs525.23m penalties on eight financial institutions

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Staff Reporter
Karachi

The State Bank of Pakistan (SBP) has imposed a monetary penalty of Rs525.23 million on eight financial institutions, including seven commercial banks and an investment company, for violating regulatory provisions.

In a statement on Thursday, the central bank said that penalties were imposed on commercial banks during the quarter ended June 30, 2021.

According to details, an amount of Rs11.1 million has been imposed as penalty on Bank Alfalah Limited.

The bank is penalised for violation of regulatory instructions pertaining to asset quality & general banking operations.

In addition to penal action, the bank has been advised to strengthen its processes with respect to identified areas. An amount of Rs289.091 million has been imposed on Muslim Commercial Bank Limited.

The monetary penalty has been imposed for violation of regulatory instructions pertaining to AML/CFT & general banking operations.

In addition to penal action, the bank has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.

An amount of Rs31.57 million has been imposed on First Women Bank Limited. The monetary penalty has been imposed for violation of regulatory instructions pertaining to asset quality, CDD/KYC & general banking operations.

In addition to penal action, the bank has been advised to strengthen its processes with respect to identified areas. An amount of Rs62.17 million has been imposed as a monetary penalty on Sindh Bank Limited.

The monetary penalty has been imposed for violation of regulatory instructions pertaining to AML/CFT, asset quality, FX and general banking operations.

In addition to penal action, the bank has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.

An amount of Rs12.59 million has been imposed as a monetary penalty on Soneri Bank Limited. The penalty has been imposed for violation of regulatory instructions pertaining to CDD/KYC, FX & general banking operations.

In addition to penal action, the bank has been advised to strengthen its processes with respect to identified areas.

An amount of Rs75.759 has been imposed as monetary penalty on Zarai Taraqiati Bank Limited.—TLTP

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