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.
The central bank has been strengthening its regulatory oversight to ensure banks fully comply with AML/CFT frameworks aimed at preventing financial crimes and illicit transactions. Banking analysts said such penalties highlight SBP’s commitment to improving transparency, risk management, and compliance standards within the financial sector. They added that strict monitoring of suspicious transactions and customer due diligence has become increasingly important following Pakistan’s efforts to align with international financial regulations.
Experts believe that enhanced compliance measures will help strengthen investor confidence and improve the credibility of Pakistan’s banking system globally. The SBP has repeatedly emphasized that all financial institutions must implement robust internal controls to avoid regulatory violations and potential penalties in the future.
