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