KARACHI: Over the strict instructions from the Financial Action Task Forceguidance for Pakistan, 10 Pakistani banks come under hefty fines by StateBank of Pakistan.
The State Bank of Pakistan (SBP) has imposed penalties on ten banksamounting to Rs805 million for violation of Anti-Money Laundering andCounter Financing of Terrorism (AML/CFT) laws.
In a circular, SBP laid out details of the amount of fine on each bank andthe reason for it. Habib Bank Limited received the biggest fine of RsRs320.08 million amongst all banks.
Other banks include MCB Bank, Dubai Islamic Bank, JS Bank, Silk Bank, BankAlfalah, Allied Bank, Sindh Bank, Summit Bank, and Habib Metropolitan Bank.
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The strict actions and penalties, as well as their public disclosure,suggests that the issue of AML/CFT compliance is being pursued by theregulator under strict guidance from the Financial Action Task Force (FATF)to help pull the country out of the grey list.
