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16 banks slapped with Rs1351m fine in CY2019 for money laundering law, other violations

Habib Bank Limited is at top of list among banks, MCB Bank comes second

M Jahangir Hayat

LAHORE: The State Bank of Pakistan (SBP) imposed staggering over Rs1351 million monetary penaltyon 16 banks for committing violation in the areas of Anti-Money Laundering (AML), Customer Due Diligence (CDD), Know Your Customer (KYC) and assets quality during the calendar year 2019, SBP Offsite Supervision & Enforcement Department data indicated.

Habib Bank Limited stood at the topamong the 16 banks that were imposed monetary penalties as it has been imposed hefty Rs 381.684 for repeatedly violating AML, CFT, consumer Protection, foreign trade operation, CDD, FX and KYC operations and advised to bring improvement in system control to avoid recurrence.

MCB Bank comes second as it has been imposed Rs 251.003 millionfor CDD, KYC, AML, KYC and assets quality violations. The SBP advised the bank to improve KYC, CDD and AML operations.

JS Bank has been imposed Rs118.92 million for AML, KYC operations,non-maintenance of assets quality and corporate governance violations.

Allied Bank Limited has been imposed a total Rs93.55 million for violating AML, KYC, CDD and assets quality processes and advised to bring equity investment and exposure to related party group within the prescribed limit and KYC, CDD processes.

Bank Al HabibLimitedhas been imposed Rs 51.750million monetary penalty for violating AML,KYC FX operation. The bank has been advised to update its system and processes providing adequate training to the concerned officials.

Dubai Islamic Bank has been fined Rs 77.974 million for violating AML, Combating the Financing of Terrorism (CFT), assets quality and advised to to rectify operational lapses and improve the control of environment.

Meezan Bank has been imposed a penalty of Rs 63.805 million for procedural violation in the areas of KYC and CDD and advised to improve the processes in this regard.

Askari Bank Limited has been fined Rs 56.610 million for procedural violations of KYC and CDD and advised to strengthen its process related to KYC and CDD.

Soneri Bank Limited has been imposed monetary penalty of Rs 55.483 million for violating AML, KYC, Assets Quality and FX operations and advised to improve AML, KYC and credit monitoring.

Silk Bank Limited has been imposed monetary penalty of Rs 53.879 for assets quality, AML, KYC operations and none-surrendering of unclaimed deposits and non-classification of loans. The bank is advised to classify advances and create provisions.

Bank Alfalah Limited has been imposed Rs 52.795 fine for violating Foreign Exchange regulation operations.

The Bank of Punjab has been imposed Rs43.191 million for violation in areas of Foreign Exchange (FX), AML CDD and KYC operations. The bank has been advised to strengthen process related to KYC, AML and CDD to avoid recurrence of such violation in future.

Sindh BankLimited has been fined Rs 15.088 million for violating AML, KYC, Assets quality and foreign exchange operations and advised an action plan and timelines for replacement of their existing treasury management system (TMS) and acquiring of name screening solution.

Summit Bank has been imposed Rs 13.072 million fine for violating AML, KYC and assets quality violation and advised to timely update customer profiles and properly document the reason of large value transaction

HabibMetropolitanBank Limited has been imposed a monetary penalty of Rs 10 million for violations of foreign exchange operations.

Finally,MCB Islamic Bank Limited is fined Rs 12.906 million for procedural violations of kYC and CDD and advised to strengthen its processes related to KYC and CDD in order to avoid occurrence of similar

The move undertaken by the SBP is in line with the Financial Action Task Force (FATF) which is being lauded widely, DrQasAslam, a known economist, said, talking to Daily The Business, adding that its circle should be enhanced to tackle criminal activities around the world.

Had such initiative been taken up earlier notions wealth would be safe eliminating poverty and criminal activities making the world a peaceful livable place, he added.

Others urged the central bank to play its due role of a regulator to bar financial institutions from money laundering and CFT laws’ violations.





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