ps3linux
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Before I post the news, here is why SBP is imposing fine on commercial banks and how it is related to FATF Grey listing.
FATF grey listing of Pakistan by India and its allies is the best thing that ever happened to the financial sector of Pakistan, it is helping us to improve our KYC/AML/CFT measures, eventually we will be at par or better than rest of the world in terms of financial regulations and implementation.
https://www.samaa.tv/money/2020/07/pakistani-banks-fined-sbp/
The State Bank of Pakistan has imposed heavy fines on 15 commercial banks.
Their offences include not recording customers’ data and violating foreign exchange laws as well as violating anti-money laundering and terror financing laws.
The collective fine amounts to Rs1.68 billion and was imposed from March to June.
The State Bank has also issued a list of the banks. They are UBL, JS Bank, Meezan Bank, Faysal Bank, The Bank of Punjab, HBL, MCB, National Bank of Pakistan, Bank AlHabib, Habib Metropolitan Bank, Bank Alfalah, Askari Bank, Bank Islami, Punjab Provincial Cooperative Bank and the Zarai Taraqiati Bank.
Most of the banks violated customer due diligence rules while the Punjab Provincial Cooperative Bank and the Zarai Taraqiati Bank had violations under the anti-money laundering and terror financing rules.
list of the banks is available with me along the fine imposed to each bank, for us the people in the financial sector its a good news because many of the malpractices conducted at the pressure of "Senior management" Read the very top mostly political accounts (PEP accounts) is getting under control now.
FATF grey listing of Pakistan by India and its allies is the best thing that ever happened to the financial sector of Pakistan, it is helping us to improve our KYC/AML/CFT measures, eventually we will be at par or better than rest of the world in terms of financial regulations and implementation.
https://www.samaa.tv/money/2020/07/pakistani-banks-fined-sbp/
The State Bank of Pakistan has imposed heavy fines on 15 commercial banks.
Their offences include not recording customers’ data and violating foreign exchange laws as well as violating anti-money laundering and terror financing laws.
The collective fine amounts to Rs1.68 billion and was imposed from March to June.
The State Bank has also issued a list of the banks. They are UBL, JS Bank, Meezan Bank, Faysal Bank, The Bank of Punjab, HBL, MCB, National Bank of Pakistan, Bank AlHabib, Habib Metropolitan Bank, Bank Alfalah, Askari Bank, Bank Islami, Punjab Provincial Cooperative Bank and the Zarai Taraqiati Bank.
Most of the banks violated customer due diligence rules while the Punjab Provincial Cooperative Bank and the Zarai Taraqiati Bank had violations under the anti-money laundering and terror financing rules.
list of the banks is available with me along the fine imposed to each bank, for us the people in the financial sector its a good news because many of the malpractices conducted at the pressure of "Senior management" Read the very top mostly political accounts (PEP accounts) is getting under control now.
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