ISLAMABAD – State Bank of Pakistan imposed huge penalty on top PakistaniBank.
State Bank of Pakistan (SBP) has imposed a penalty of Rs. 35.6 million onHabib Bank Limited. The central bank stated that the monetary penalty wasimposed mainly for deficiencies in the areas of foreign trade operationsand customer due diligence.
The bank has been advised timelines to bring improvements in itssystems/controls to avoid the recurrence of such lapses/violations in thefuture.
”The Bank is aware of this case. It is related to the transactions whichwere executed during 2015-2017. The transactional irregularities weredetected in a few of our branches in Lahore. Some Bank staff, actingillegally, in their individual capacity, undertook transactions thatnegatively impacted the Bank, said Ali Habib, who is the spokesperson ofHBL.
While talking to ProPakistani, the spokesperson further added that ”TheBank filed a complaint with the law enforcement agencies to investigate thematter and take action. An FIR has been registered. An investigation isunderway by the law enforcement authorities. The Bank endeavors to becompliant with all regulatory requirements. We take such matters veryseriously.”
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HBL was previously also penalized by the central bank for its violation ofdifferent accounts.
The central bank had punished three banks with heavy penalties of Rs. 133.3million for the violation of its rules, laws, regulations, guidelines ordirectives last month.
