For the first time in history, SBP imposes huge penalty on 4 Banks linked with Anti Money Laundering Law
*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 of anti-money laundering (AML) laws.
Documents available with this scribe disclosed that the central bank has decided to charge four commercial banks with a fine of Rs186 million due to their failure in the implementation of AML and other consumer-related laws.
The central bank has imposed Rs13.07 million and Rs16.11 million fines on Bank of Punjab over violations in its AML laws, foreign exchange (FX) operations and unclaimed deposits. The bank has been advised to make improvements in AML and internal processes.
The documents further revealed that the SBP has imposed Rs48.22 million fine on JS bank over violation in the area of AML laws. The bank has been directed to conduct a thorough review of its relationship accounts.
Similarly, the central bank has imposed Rs51.750 million fine on Bank Al Habib Limited due to violations in areas of AML laws as well as FX operations. Moreover, a fine of Rs55.483 million has been imposed on Soneri Bank Limited over violations in AML laws, asset quality and FX operations.