The State Bank of Pakistan (SBP) fined three major banks, Habib Bank Limited, MCB Bank and United Bank Limited Rs97.6 million in the first quarter of this year for failing to follow regulatory instructions, the bank said on Friday.
“These operations are based on a failure to comply with regulatory directives and do not reflect on the entity’s financial soundness,” the SBP said in a statement.
According to the central bank, the four banks were fined for failing to follow regulatory guidelines related to foreign exchange and general banking activities, customer due diligence, and anti-money laundering.
Since June 2018, Pakistan has been on the Financial Action Task Force’s (FATF) grey list for shortcomings in its counter-terrorist funding and anti-money laundering regimes.
