SBP imposes heavy fines on 15 commercial banks

SBP imposes heavy fines on 15 commercial banks
Karachi: The State Bank of Pakistan imposed heavy fines on 15 commercial banks over violating anti-money laundering and terror financing laws.

According to details, the State Bank of Pakistan imposed penalty on 15 commercial banks for 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.