SBP imposes Rs59.5 million as penalty on Habib Metropolitan Bank

SBP imposes Rs59.5 million as penalty on Habib Metropolitan Bank

KARACHI: The State Bank of Pakistan (SBP) on Wednesday imposed a monetary penalty of Rs59.51 million on Habib Metropolitan Bank for violating regulations pertaining to AML/CFT.

A notification issued by the central bank said that the amount Rs59.51 million was imposed on Habib Metropolitan Bank for violating of instructions and regulations pertaining to Anti-Money Laundering (AML)/ Counter Financing of Terrorism (CFT).

The SBP said that it had taken action in addition to penal action, the bank had been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.

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