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Pakistan central bank fines 4 banks over violations

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Pakistan central bank fines 4 banks over violations

The State Bank of Pakistan imposed a fine worth about 192.7 million rupees on four banks for the month of November, over violations of customer due diligence and know-your-customer norms.

The central bank fined Allied Bank Ltd. 60.8 million rupees, while MCB Bank Ltd. was fined 91.9 million rupees. Both lenders were also told to conduct an internal inquiry on breaches of regulatory requirements, according to a document obtained by S&P Global Market Intelligence.

Further, the central bank levied a fine of 14 million rupees on Bank of Punjab and was mandated to strengthen its process relating to know-your-customer and customer due diligence norms. Habib Bank Ltd. was fined 26 million rupees and advised to improve its systems and controls.

As of Dec. 11, US$1 was equivalent to 154.84 Pakistani rupees.