12/07/2020 SBP imposes monetary penalty of Rs1.68 billion on 15 banks - PkRevenue.

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SBP imposes monetary penalty of Rs1.68 billion on

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KARACHI: State Bank of Pakistan (SBP) has imposed monetary penalty of Rs1.68 billion upon at least 15 Hafeez Shaikh
commercial banks for violating various regulations including anti-money laundering (AML) and counter FBR promotes 29 o cia
nancing of terrorism (CFT). assistant private secreta

Customs auction of con

The SBP on Saturday released the data of signi cant enforcement actions by the central bank during March – June
to be held on July 20 at
2020.
FBR empowered to reco
on sectoral benchmark

Input tax credit against

provided by non-residen
conditions: SRB

The top banks are also amongst the list for serious violation of regulations including customers due diligence, known
your customer, asset quality, foreign exchange operation, corporate governance and AML/CFT.

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12/07/2020 SBP imposes monetary penalty of Rs1.68 billion on 15 banks - PkRevenue.com

 Sr.No Institution Nature of O ence Action Taken Monetary

Penalty
(Rupees
in
million)

1 United Bank Procedural violations In addition to penal action the bank has been advised 137.001
Ltd in the areas of to strengthen its processes to avoid recurrence of
CDD/KYC, Asset such violations.
Quality, FX Operations,
Corporate Governance

2 JS Bank Ltd Procedural Violations In addition to penal action the bank has been advised 71.417
in the areas of to strengthen its processes related to CDD/KYC, to
CDD/KYC, FX avoid recurrence of such violations in future.
Operations

3 Meezan Procedural Violations In addition to penal action the bank has been advised 81.060
Bank Ltd in the area of to strengthen its processes to avoid recurrence of
CDD/KYC such violations.

4 Faysal Bank Procedural violations In addition to penal action the bank has been advised 96.128
Ltd in the areas of to strengthen its processes to avoid recurrence of
CDD/KYC, Asset such violations.
CATEGORIES
Quality, FX Operations
Automotive
5 The Bank of Procedural violations In addition to penal action the bank has been advised 286.333
Punjab in the areas of to strengthen its processes to avoid recurrence of Budget
CDD/KYC, Asset such violations.
2019-2020
Quality, FX Operations,
Corporate Governance
Budget 2020-2021

6 Habib Bank Procedural Violations In addition to penal action the bank has been advised 204.217 Supplementary Budg
Ltd in the area of to strengthen its processes related to CDD/KYC, to
Corporate
CDD/KYC avoid recurrence of such violations in future.
Energy
7 MCB Bank Procedural Violations In addition to penal action the bank has been advised 158.474
Ltd in the area of to strengthen its processes related to CDD/KYC, to Exclusive
CDD/KYC avoid recurrence of such violations in future.
Finance

8 National Procedural violations In addition to penal action the bank has been advised 269.810 IT & Telecom
Bank Of in the areas of to strengthen its processes to avoid recurrence of
Money & Banking
CDD/KYC, Asset such violations.
Quality, FX Operations National

9 Bank Procedural Violations In addition to penal action the bank has been advised 46.802 Ports and Shipping
Alhabib Ltd in the area of to strengthen its processes related to CDD/KYC, to
Stock & Commodity
CDD/KYC avoid recurrence of such violations in future.
Taxation
10 Habib Procedural Violations In addition to penal action the bank has been advised 22.805
Auction
Metropolitan in the area of to strengthen its processes related to CDD/KYC, to
Bank Ltd CDD/KYC avoid recurrence of such violations in future.
Pakistan Customs
11 Bank Alfalah Procedural Violations In addition to penal action the bank has been advised 40.305
Trade & Industry
Ltd in the area of to strengthen its processes related to CDD/KYC, to
CDD/KYC avoid recurrence of such violations in future. World

12 Askari Bank Procedural Violations In addition to penal action the bank has been advised 29.814
Ltd in the area of to strengthen its processes related to CDD/KYC, to
CDD/KYC avoid recurrence of such violations in future.

13 Bank Islami Procedural violations In addition to penal action, the bank has been 11.517

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12/07/2020 SBP imposes monetary penalty of Rs1.68 billion on 15 banks - PkRevenue.com

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Ltd in the area of FX advised to strengthen its process related to FX

Operations operations, in order to avoid recurrence of such
violations in future.

14 Punjab Violations in the area Penal and administrative action taken against the 81.500
Provincial of AML/CFT bank. Moreover, the bank has been advised to
Cooperative conduct an internal inquiry on breaches of regulatory
Bank Ltd instructions and take disciplinary action against the
delinquent o cials.

15 Zarai Violations in the area Penal and administrative action taken against the 147.250 RECENT COMMENTS
Taraqiati of AML/CFT bank. Moreover, the bank has been advised to
Asghar on Banks timing
Bank Ltd conduct an internal inquiry on breaches of regulatory
instructions and take disciplinary action against the Syed Ali on Gratuity to b
delinquent o cials. salary for tax matters

Wajahat on Gratuity to b
The SBP said that these actions are based on de ciencies in regulatory compliance and does not constitute a salary for tax matters
comment on the nancial soundness of the entity.
Waqas Bitt on Gratuity t
salary for tax matters
The SBP from July 2019 started public disclosure of penal action against banks. “Enforcement actions are an integral
part of regulatory regime which involves imposition of monetary penalties and other actions against institutions and Badar on FBR monitors
individuals for violations of laws, rules, regulations, guidelines or directives issued by SBP from time to time,” property transactions to
market values
according to a circular issued by the central bank.

July 202
To borrow
M T W T
£ 6,500
  1 2
Pay back over

5 years 6 7 8 9
Borrowing £6,500 over 5 years with a representative APR of 27.4%, an
annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount
payable would be £188.74 per month, with a total cost of credit of 13 14 15 16
£4,824.37 and a total amount payable of £11,324.37.
CarFinance 247 Limited is a credit broker. Universal Square, Devonshire Get a quote No impact on credit score
Street North, Manchester, M12 6JH 20 21 22 23

27 28 29 30

In order to bring more transparency and strengthen market discipline, SBP has decided to publicly disclose signi cant « Jun    
enforcement actions.

aml cft penalty sbp state bank of pakistan

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