State Bank slaps Rs1.45b fines on 18 banks in 2021
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The State Bank of Pakistan (SBP) has imposed over Rs1.45 billion fines on 18 banks in 2021 on violations of general banking operations mostly including violations in foreign exchange and a few on avoiding anti-money launching instructions, reported 24NewsHD TV channel on Saturday.
In the first quarter of 2021 (Jan-March), the SBP slapped Rs90.76 million fine on banks and in second quarter (April-June) Rs520.52 million, in third quarter (July-Dec) Rs460.50 million and in last quarter of previous year (Oct-Dec) Rs50.80 million.
These banks were fined on not maintaining the due diligence and keeping the customers information as well. The SBP directed banks to follow rules in this regard.
Reporter Ashraf Khan