Saturday, October 24, 2020

15 Pakistani banks fined for violating anti-money laundering laws

July 12, 2020

ISLAMABAD (92 News) – The State Bank of Pakistan (SBP) has imposed heavy fines on 15 commercial banks for violating anti-money laundering and terror financing laws. According to the reports, the SBP penalised 15 banks for violating customer due diligence, foreign exchange. The collective fine amounts to Rs1.68 billion and was imposed from March to June. It is pertinent to mention here that their offences include not recording customers’ data and violating foreign exchange laws as well as violating anti-money laundering and terror financing laws. The SBP has started bringing fines on banks to the public from July 2019. SBP has released details of all 15 banks. In its notification, the SBP it fined of Rs 1.68 billion for violating the rules by 15 banks between March and June 2020. Most of the banks violated customer due diligence rules while two banks had violations under the anti-money laundering and terror financing rules.  

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