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.
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).
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
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
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