*ISLAMABAD: *The State bank of Pakistan, for the first time in its history,has imposed Rs186 million fine on four banks owing to non-implementation ofanti-money laundering (AML) laws.

Documents available with this scribe disclosed that the central bank hasdecided to charge four commercial banks with a fine of Rs186 million due totheir failure in the implementation of AML and other consumer-related laws.

The central bank has imposed Rs13.07 million and Rs16.11 million fines onBank of Punjab over violations in its AML laws, foreign exchange (FX)operations and unclaimed deposits. The bank has been advised to makeimprovements in AML and internal processes.

The documents further revealed that the SBP has imposed Rs48.22 millionfine on JS bank over violation in the area of AML laws. The bank has beendirected to conduct a thorough review of its relationship accounts.

Similarly, the central bank has imposed Rs51.750 million fine on Bank AlHabib Limited due to violations in areas of AML laws as well as FXoperations. Moreover, a fine of Rs55.483 million has been imposed on SoneriBank Limited over violations in AML laws, asset quality and FX operations.