SBP imposes Rs1.45 billion penalty on 18 banks in 2021 State Bank of Pakistan

SBP imposes Rs1.45 billion penalty on 18 banks in 2021

KARACHI: The State Bank of Pakistan (SBP) has imposed Rs1.45 billion as monetary penalty on 18 financial institutions for violating regulatory provisions during the year ended December 31, 2021.

According to data compiled by PkRevenue.com related to significant action taken during the year 2021, the SBP imposed Rs1.45 billion as monetary penalty on 18 financial institutions.

The central bank issues data of significant actions against banks on quarterly basis. The detail of imposition of monetary penalty during each quarter of 2021 is as: January – March, Rs 97.6 million; April – June, Rs 525.25 million; July – June, Rs465.04 million; and October – December Rs58 million.

READ MORE: SBP imposes penalty of Rs58 million on five banks

The banks mostly violated regulatory provisions related to foreign exchange and general banking operations. Further, banks were also found violating instruction pertaining to anti-money laundering (AML) and counter financing of terrorism (CFT).

Besides, the banks had also violated instructions pertaining to customer due diligence (CDD) and know your customer (KYC).

READ MORE: SBP slaps Rs280 million penalty on National Bank

The details of penalty imposed on 18 banks is as follow:

01. Habib Bank Limited: Rs39.77 million

02. MCB Bank: Rs299.1 million

03. MCB Islamic Bank Limited: Rs 37.1 million

04. United Bank Limited: Rs49 million

05. Bank Alfalah Limited: Rs11.1 million

READ MORE: SBP imposes monetary penalty on eight banks

06. First Women Bank Limited: Rs31.57 million

07. Sindh Bank Limited: Rs62.18 million

08. Soneri Bank Limited: Rs12.6 million

09. Zarai Taraqiati Bank Limited: Rs75.76 million

10. The Punjab Provincial Cooperative Bank Limited: Rs32.5 million

11. Pak Brunai Investment Company Limited: Rs10.45 million

12. National Bank of Pakistan (NBP): Rs291 million

READ MORE: Habib Bank pays penalty of Rs42.2 million to SBP

13. Silk Bank Limited: Rs132.44 million

14. Industrial and Commercial Bank of China-Pakistan Branches: Rs13.54 million

15. Bank Alhabib Limited: Rs 13.68 million

16. The Bank of Punjab: Rs 12.54 million

17. Standard Chartered Bank (Pakistan) Limited: Rs11.04 million

18. Askari Bank Limited: Rs10.3 million

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