Wednesday, October 28, 2020

Pakistan: State bank fines 10 banks for violating money laundering laws

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The State Bank of Pakistan has imposed a fine of over Rs850 million on 10 private banks over “deficiencies” in the areas of anti-money laundering and Counter Financing of Terrorism and for violating the laws on foreign exchange.

Related: Pakistan’s struggles to combat money laundering

According to an SBP document, the banks have been directed to “improve the control environment to avoid re-occurrence of such lapses/violations in future”.

The banks are: Dubai Islamic Bank, Habib Bank Limited, Muslim Commercial Bank Limited, Silk Bank, Bank Alfalah Limited, Allied Bank Limited, Sindh Bank Limited, Summit Bank Limited, JS Bank Limited and Habib Metropolitan Bank Limited.

In August, the SBP had imposed a fine of Rs186 million fine on four commercial banks over their failure to implement anti-money laundering laws.

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