KARACHI: The State Bank of Pakistan (SBP) has imposed a monetary penalty ofRs59.516 million on Habib Metropolitan Bank (HMB) on account of violationof its guidelines pertaining to Anti-Money Laundering and CombatingTerrorist Financing (AML/CFT).

A notification issued by the central bank said that in addition to penalaction, HMB has been advised to conduct an internal inquiry on breaches ofregulatory instructions and take disciplinary action against the delinquentofficials.

Meanwhile, in a separate statement, the SBP said with a view to furtheralign AML/CFT regulations with the Financial Action Task Force (FATF)recommendations, it has decided to amend some provisions of the regulations.

These amendments will provide further clarity on the implementation ofAML/CFT requirements by SBP, the notification read.

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