For the first time in history, SBP imposed heavy fines on 15 commercial banks

Karachi: Consumer abuse will not be tolerated. According to reports, SBP imposed heavy fines on 15 commercial banks for the first time in history for violating the rules.

According to the details, SBP imposed heavy fines on 15 commercial banks for not keeping customer information and violating foreign exchange laws.

Fines were also imposed on anti-money laundering and terrorist financing, 15 banks were fined Rs 1.68 billion for violating the law, and banks were fined between March and June 2020.

The SBP has started bringing fines on banks to the public from July 2019. SBP released the names of all 15 banks. Muslim Commercial Bank was fined Rs. 158.4 million for violating the rules. The National Bank was fined Rs 269.8 million.

Similarly, Bank of Punjab was fined more than Rs. 286.3 million and United Bank was fined Rs. 137 million. The sanctions include other banks.

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