The State Bank of Pakistan (SBP) has imposed massive fines on three commercial banks for the total of Rs. 131.4 million on account of enforcement action against the violations of its prescribed regulations.
According to the details, SBP has imposed a fine of Rs. 85.148 million on JS Bank Limited, which is the heaviest fine amongst the three banks, for violation of regulator instructions pertaining to CDD/KYC, Asset Quality, FX and General Banking Operations. The central bank has also advised JS Bank Limited to strengthen its controls/processes in the identified areas.
Furthermore, Habib Bank Limited has been fined Rs. 29.035 million for violation of regulatory instructions pertaining to CDD/KYC. In addition to the penal action, the bank has been advised to strengthen its controls/processes in the identified areas.
Lastly, the Bank of Punjab has also been fined Rs. 17.243 million for the violation of regulatory instructions pertaining to Asset Quality & CDD/KYC. In addition to penal action, the bank has been advised to strengthen its controls/processes in the identified areas.
SBP had previously issued fines over Rs. 100 million on four banks for violation of regulations too.
Read more: SBP Imposes Heavy Fines on Four Banks.
