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Penalties Worth Million on Major Banks: SBP Slams

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Penalties Worth Million on Major Banks: SBP Slams

State bank of Pakistan slams heavy penalties of nearly Rs.98 Million on Three banks claims countries’ most profitable banks: HBL, MCB, and UBL for rules and regulation violations.
Moreover, according to the central bank issues order, all three banks were slapped with separate penalties from the first quarter of January to march. Rs. 97.5 million in
the said state of affairs as these top commercial banks could not ensure the compliance of the banking laws within their operations while repeating the violation time and again.
Habib Bank Limited, the biggest and the most profitable bank in the country, was hammered with a penalty of Rs.39.7 million for violations of regulatory instructions on foreign exchange and general banking operations.
MCB Bank, another well-known name, also received a penalty of Rs. 10 million for violations of regulatory instructions on foreign exchange and general banking operations.
The banking regulator asked the banks’ management to strengthen its processes for identified areas.
MCB Islamic Bank, the subsidiary of the MCB Bank, also faced a strict penal action of Rs. 37.09 million from the banking regulator for violations of regulatory instructions on AML/CFT, FX, and general banking operations.
SBP directed the bank’s management to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
United Bank Limited, another bank with massive profitability and a vast network, was also slapped a penalty of Rs. 10 million by the banking watchdog for violations of regulatory instructions on CDD/KYC and general banking operations. The bank’s management was asked to avoid the recurrence of such breaches again.
The consistent violation by these banks is a highly embarrassing situation for the top brass leadership of these giants, which make tall claims of innovations but have failed to control the wrongdoing in their operations again and again.

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