State Bank fines four private banks Rs271 million

They violated due diligence, general banking rules
Oct 29, 2020
Photo: AFP
Photo: AFP

The State Bank of Pakistan has fined four private banks a collective Rs271 million for violating its rules.

Bank Islami has been fined Rs116.27 million for procedural violations in customer due diligence, general banking operations and asset quality.

Soneri Bank Ltd has been fined Rs59.23 million for proceudural violations in customer due diligence.

The Bank of Punjab has been fined Rs10 million for procedural violations in general banking operations and Albaraka Bank has been fined Rs86.12 million for violating anti-money laundering/counter terrorism funding, foreign exchange operation and general banking operation procedures.

state bank of pakistan

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