The State Bank of Pakistan (SBP) 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.
A collective fine of Rs1.68 billion 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.
