The State Bank of Pakistan fined Meezan Bank Ltd., Askari Bank Ltd. and MCB Islamic Bank Ltd. a total of 133 million rupees in September for violations of know-your-customer and customer due diligence procedures.
The central bank said it imposed fines of 63.8 million rupees, 56.6 million rupees and 12.9 million rupees on Meezan Bank, Askari Bank and MCB Islamic Bank, respectively, according to a document recently obtained by S&P Global Market Intelligence. In addition to the monetary penalties, the three banks were directed to strengthen the related processes.
As of Oct. 4, US$1 was equivalent to 156.28 Pakistani rupees.
