The State Bank of Pakistan (SBP) has imposed Rs465 millon fine on four banks for failure to comply with the legal or regulatory restrictions, including anti-money laundering.
According to the 24NewsHD TV channel, the SBP imposed these penalties on the banks during the quarter ended September 30. The SBP imposed a Rs280 million fine on the National Bank of Pakistan (NBP) for violating the instructions pertaining to AML/CFT, asset quality, forex and general banking operations.
The bank has been advised to conduct an internal inquiry and disciplinary action against the delinquent officials. The central bank imposed an Rs132.44 million penalty on Silk Bank and a penalty of Rs38.55 million has been imposed on the United Bank for violating rules and regulations
Similarly, the SBP imposed Rs13.54 million on the Industrial and Commercial Bank of China for violation of the regulatory instructions pertaining to CDD/KYC and general banking operations.