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Eight Pakistani banks fined Rs75million over irregularities

10:51 AM | 18 Apr, 2024
Eight Pakistani banks fined Rs75million over irregularities

KARACHI – At least eight commercial banks have been fined by State Bank of Pakistan for violating rules and regulations.

State Bank said these actions were taken due to shortcomings in complying with regulatory instructions and do not reflect on the financial stability of these entities.

Bank Fine Amount (PKR) Violation Regulatory Instructions
Bank Alfalah Limited 187.652 million FX and General Banking Operations Improve internal processes to avoid recurrence of violations
Habib Bank Limited 143.376 million AML/CFT, CDD/KYC, FX, and General Banking Operations Ensure meticulous compliance with regulatory instructions to avoid similar instances in the future
Bank Al Habib Limited 117.239 million CDD/KYC and FX Strengthen systems and controls for meticulous compliance with regulatory instructions
Meezan Bank Limited 106.2 million FX Strengthen internal processes to minimize recurrence of violations
Habib Metropolitan Bank Limited 70.915 million FX Strengthen internal processes to minimize recurrence of violations
MCB Bank Limited 52.9 million FX and General Banking Operations Strengthen internal processes to avoid recurrence of violations
MCB Islamic Bank Limited 38.544 million AML/CFT, CDD/KYC, and FX Ensure meticulous compliance with regulatory instructions to avoid enforcement actions in the future
Bank of Khyber 30.741 million CDD/KYC, Asset Quality, and General Banking Operations Ensure meticulous compliance with regulatory instructions to avoid enforcement actions in the future

The central bank slapped a fine of Rs187.65 million on Bank Alfalah Limited for failing to comply with regulatory instructions regarding FX and General Banking Operations. SBP advised private bank to enhance its internal processes to prevent such violations in the future.

Habib Bank Limited was fined Rs143.37 million for breaching regulatory instructions related to AML/CFT, CDD/KYC, FX, and General Banking Operations. The leading private bank was advised to strictly adhere to these instructions to prevent similar violations in the future.

Bank Al Habib Limited was fined Rs. 117.23 million for non-compliance with regulatory instructions regarding CDD/KYC and FX. The bank was instructed to improve its systems and controls to ensure full compliance and avoid similar violations.

Meezan Bank got fine of Rs106.20 million for violating regulatory instructions concerning FX. The bank was advised to strengthen its internal processes to reduce the likelihood of such violations happening again.

State Bank also fined Rs.70.91 million to Habib Metropolitan Bank Limited for not following regulatory instructions related to FX. The bank was instructed to enhance its internal processes to prevent similar violations in the future.

MCB Bank Limited was slapped with penalty of Rs52.9 million for breaching regulatory instructions regarding FX and General Banking Operations. The bank was advised to improve its internal processes to avoid such violations in the future.

MCB Islamic Bank Limited was fined Rs. 38.544 million for not complying with regulatory instructions regarding AML/CFT, CDD/KYC, and FX. The bank was advised to ensure strict compliance with these instructions to avoid enforcement actions.

State Bank imposed Rs30.74 million fine on Bank of Khyber for violating regulatory instructions related to CDD/KYC, Asset Quality, and General Banking Operations. The bank was advised to ensure strict compliance with these instructions to avoid enforcement actions.

Besides the commercial banks, State Bank imposed fine of Rs27.97 million on Royal Exchange Company for violating regulatory instructions regarding CDD, KYC and General Banking Operations.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 22 May 2024

 Pakistani currency rates against US Dollar and other currencies on May 22, 2024 (Wednesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.15 for buying and 280.05 for selling.

Euro moved down to 297 for buying and 300 for selling while British Pound rate is 349 for buying, and 352.5 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 22 May 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.15 277.15
Euro EUR 297 300
UK Pound Sterling GBP 349 352.5
U.A.E Dirham AED 75.2 75.95
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.34 748.34
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.91
Danish Krone DKK 40.52 40.92
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 903.3 912.3
Malaysian Ringgit MYR 59.34 59.94
New Zealand Dollar NZD 170.11 172.11
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.13 731.13
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.98 26.28
Swiss Franc CHF 305.97 308.47
Thai Bhat THB 7.67 7.82

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