The State Bank of Pakistan (SBP) has fined six large commercial banks a total of Rs. 350.7 million for violations of its rules and regulations from April to June 2023.
The banking watchdog stated in the quarterly enforcement order that these institutions were observed for breaking regulatory instructions pertaining to CDD/KYC and asset quality, AML/CFT, CDD/KYC, FX, and general banking operations.
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The central bank has punished the following banks:
The National Bank of Pakistan (NBP) was fined Rs. 144.207 million.
Alfalah Bank was fined Rs. 125.253 million.
Meezan Bank was also fined Rs. 38.030 million.
A fine of Rs. 20.660 was imposed on Allied Bank.
Punjab Provincial Cooperative Bank received a Rs. 12.229 million punishment.
Bank Al-Habib was fined Rs. 10.420 million.
The banking regulator has encouraged these banks, in addition to criminal measures, to improve internal systems and controls.
