The State Bank of Pakistan (SBP) has taken action against eight banks and one exchange company for non-compliance with legal or regulatory requirements, imposing penalties worth Rs775.542 million during the quarter ended March 31, 2024. As the guardian of financial discipline, the central bank takes compliance very seriously and enforces it rigorously through penalties and other administrative and financial sanctions. This demonstrates its commitment to maintaining a strong financial sector. Bank Alfalah Limited faced the highest penalty of Rs187.652 million for violating regulatory instructions related to FX and general banking operations. The bank has also been advised to improve its internal processes to prevent similar violations from happening in the future.The State Bank of Pakistan (SBP) imposed penalties worth Rs775.542 million on eight banks and one exchange company during the quarter ended March 31, 2024, for non-compliance with legal or regulatory requirements.
The central bank, as the guardian of financial discipline, rigorously enforces compliance with legal or regulatory requirements. Its actions, which can range from penalties to administrative and financial sanctions, are a testament to its commitment to maintaining a robust financial sector.
According to details issued by the central bank, Bank Alfalah Limited faced the highest penalty of Rs187.652 million for violating regulatory instructions pertaining to FX and general banking operations.
In addition to penal action, the bank has been advised to improve its internal processes to avoid the recurrence of such violations.