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State Bank Action: Imposed penalties on four banks

State Bank of Pakistan Action against Bank

The State Bank of Pakistan imposed over Rs 271 million penalties on four banks. For the quarter ending September 30, 2020.

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Reasons of SBP Action

Reasons behind the SBP action is due to non-compliance with legal or regulatory requirements.

State Bank actions may range from the imposition of penalties, administrative and financial sanctions, and reference to concerned law enforcement/prosecution agencies.

Bank Islami

Bank Islami Ltd faced the highest penalty of Rs 116.269mn in procedural violations in the areas of CDD/KYC, General Banking Operations & Asset Quality.

Albaraka Bank

Albaraka Bank (Pakistan) Ltd was imposed a penalty of Rs 86.119n in violations in the areas of AML/CFT, FX Operations & General Banking Operations.

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Soneri Bank

Soneri Bank Ltd faced penalty of Rs 59.234mn for procedural violations in the area of CDD/KYC.

Bank of Punjab

Bank of Punjab penalized Rs 10 million for procedural violations in the area of General Banking Operations.

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