KARACHI: The State Bank of Pakistan (SBP) has imposed a monetary penalty of Rs59.516 million on Habib Metropolitan Bank (HMB) on account of violation of its guidelines pertaining to Anti-Money Laundering and Combating Terrorist Financing (AML/CFT).
A notification issued by the central bank said that in addition to penal action, HMB has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
Meanwhile in a separate statement, the SBP said that with a view to further align Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) regulations with the Financial Action Task Force (FATF) recommendations, it has decided to amend some provisions of the regulations. These amendments will provide further clarity on the implementation of AML/CFT/CPF requirements by SBP, a notice issued by the central bank said. TLTP
A notification issued by the central bank said that in addition to penal action, HMB has been advised to conduct an internal inquiry on breaches of regulatory instructions and take disciplinary action against the delinquent officials.
Meanwhile in a separate statement, the SBP said that with a view to further align Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) regulations with the Financial Action Task Force (FATF) recommendations, it has decided to amend some provisions of the regulations. These amendments will provide further clarity on the implementation of AML/CFT/CPF requirements by SBP, a notice issued by the central bank said. TLTP