Penalties of Rs. 350.7 million were levied by the State Bank of Pakistan (SBP) on six major commercial banks between April and June of 2023.
The financial watchdog noted in its quarterly enforcement order that these institutions had been discovered to be in violation of regulatory requirements pertaining to customer due diligence and know your customer, anti-money laundering and countering the financing of terrorism, foreign exchange, and general banking operations.
The following banks have received fines from the central bank:
- A fine of Rs. 144.207 billion was levied against the National Bank of Pakistan (NBP).
- The penalty for Bank Alfalah was Rs. 125.253 billion.
- A fine of Rs. 38.030 billion was imposed on Meezan Bank as well.
- The bank Allied Bank was fined Rs. 20.660.
- A penalty of Rs. 12.229 billion was imposed on Punjab Provincial Cooperative Bank.
- The fine imposed on Bank Al- Habib was Rs. 10.420 billion.
The banking regulator has warned these financial institutions that they would face additional penalties if they do not improve their internal systems and controls.
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