Rs. 131.4 million has been levied massive fines by State Bank of Pakistan (SBP) on three commercial banks against enforcement action against violation of its prescribed regulations.
As per details, Rs. 85.148 million has been imposed on JS Bank Limited by SBP, the heaviest fine among three banks for breaching regulator instructions pertaining to CDD/KYC, Asset Quality, FX and General Banking Operations. The central bank has also advised JS Bank Limited to strengthen its controls/processes in the identified areas.
Moreover, Rs. 29.035 million has been imposed on Habib Bank Limited for breaching regulatory instructions pertaining to CDD/KYC. In addition to the penal action, the bank has been advised to strengthen its controls/processes in the identified areas.
Whereas, Rs. 17.243 has been fined on Bank of Punjab million for the breaching regulatory instructions pertaining to Asset Quality & CDD/KYC. In addition to penal action, the bank has been advised to strengthen its controls/processes in the identified areas.
Over Rs. 100 million has been fined on four banks for violation of regulations too by SBP.