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SBP imposes Rs1.2b fine on banks for ‘helping’ banned outfits

SBP imposes Rs1.2b fine on banks for ‘helping’ banned outfits

ISLAMABAD: Some banks have been imposed Rs1.2 billion fine by the State Bank of Pakistan on the direction from a committee headed by Interior Minister Ch Nisar for allegedly helping banned groups in the country.

The SBP fined different banks for violating its regulations on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). In past, the central bank imposed Rs117.3 million penalties on banks in fiscal year 2013-14, Rs136.5 million in 2012-13 and Rs26.9 million in the year 2011-12 for violating AML/CFT regulations.

The central bank also blocked 121 accounts belonging to proscribed organisations, having one billion rupees, while the interior ministry on its part had frozen eight accounts, carrying Rs3.5 million.