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SBP Imposes Over Rs1.6bn Fines On 15 Banks

The State Bank of Pakistan (SBP) imposed fines on 15 commercial banks for violating the rules. According to the central bank, imposed fines of Rs 1.68 billion during March-June 2020.

Fifteen banks will face heavy fines for not having customer information i.e. not enough KYC and violating foreign exchange rules.

The highest fine was imposed on the Bank of Punjab of Rs 286 million, for Procedural violations in the areas of CDD/KYC, Asset Quality, FX Operations, Corporate Governance.

In addition to penal action, the bank has been advised to strengthen its processes to avoid recurrence of such violations.

The National Bank of Pakistan was second on the list with a fine of Rs 269.8 million for procedural violations in the areas of CDD/KYC, Asset Quality, FX
Operations.

In addition to penal action, the bank has been advised to strengthen its processes to avoid recurrence of such violations.

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