SBP imposes Rs. 5 Major Banks Fined 224 Million.
As indicated by requirement orders given, the financial controller punished four business banks and one microfinance independently with a general punishment of Rs. 223.987 million from January to March 2023's first quarter.
The most severe penalty, amounting to Rs., has been imposed on Askari Bank Limited (AKBL). 83.415 million for disregarding administrative directions relating to CDD/KYC, FX, and General Financial Tasks. The bank has been advised to strengthen its controls and procedures in the identified areas in addition to taking disciplinary action.
The penalty assessed to Sindh Bank Limited was Rs. 55.393 million by the regulator for violating CDD/KYC and general banking operations regulatory instructions.
Notwithstanding punitive activity, the bank has been educated to upgrade the oversight concerning the Body and senior administration in issues relating to AML/CFT risk and reinforce the control capabilities.
A fine of Rs. 100 was imposed on Zarai Taraqiati Bank Limited (ZTBL). 37.263 million by the SBP during the active quarter for disregarding administrative directions relating to CDD/KYC, Resource Quality, and General Financial Tasks.
In the areas that have been identified, the bank has been advised to improve its procedures and controls.
Soneri Bank Restricted (SNBL) was hit with a punishment of Rs. 27.449 million for disregarding CDD/KYC and Asset Quality-related regulatory instructions. Notwithstanding reformatory activity, the bank has been encouraged to reinforce its controls/processes in the recognized regions.
SBP additionally punished Mobilink Microfinance Bank (MFB) Restricted Rs. 20.467 million for not adhering to General Banking Operations regulations and violating AML/CFT and Asset Quality regulatory instructions.
Additionally, the regulator informed MFB that it has been instructed to conduct an internal investigation into violations of regulatory instructions and impose disciplinary sanctions on the infringing officials.
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