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15 Pakistani banks fined a collective Rs1.68b

SAMAA | - Posted: Jul 12, 2020 | Last Updated: 4 weeks ago
SAMAA |
Posted: Jul 12, 2020 | Last Updated: 4 weeks ago
15 Pakistani banks fined a collective Rs1.68b

Photo: File

The State Bank of Pakistan has imposed heavy fines on 15 commercial banks.

Their offences include not recording customers’ data and violating foreign exchange laws as well as violating anti-money laundering and terror financing laws.

The collective fine amounts to Rs1.68 billion and was imposed from March to June.

The State Bank has also issued a list of the banks. They are UBL, JS Bank, Meezan Bank, Faysal Bank, The Bank of Punjab, HBL, MCB, National Bank of Pakistan, Bank AlHabib, Habib Metropolitan Bank, Bank Alfalah, Askari Bank, Bank Islami, Punjab Provincial Cooperative Bank and the Zarai Taraqiati Bank.

Most of the banks violated customer due diligence rules while the Punjab Provincial Cooperative Bank and the Zarai Taraqiati Bank had violations under the anti-money laundering and terror financing rules.

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One Comment

  1. Zafar Iqbal  July 12, 2020 9:39 pm/ Reply

    News keep the man linked with society

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