*ISLAMABAD – In the **State Bank of Pakistan crackdown against moneylaundering, heavy penalties on 10 private banks have been imposed.*
*The State Bank of Pakistan has imposed over Rs850 million penalties on 10private banks over “deficiencies” in the areas of anti-money laundering andCounter Financing of Terrorism and for violating the laws on foreignexchange.*
According to an SBP document, the banks have been directed to “improve thecontrol environment to avoid re-occurrence of such lapses/violations infuture”.
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The banks are: Dubai Islamic Bank, Habib Bank Limited, Muslim CommercialBank Limited, Silk Bank, Bank Alfalah Limited, Allied Bank Limited, SindhBank Limited, Summit Bank Limited, JS Bank Limited and Habib MetropolitanBank Limited.
