MCB among eight banks fined millions of rupees

KARACHI: MCB Bank Limited is among eight commercial banks fined by the State Bank of Pakistan (SBP) for violating legal and regulatory requirements.

According to State Bank, these measures were implemented as a result of noncompliance with regulatory guidelines and have no bearing on the companies’ capacity to maintain their financial stability.

In a recent move, the central bank has imposed penalties on eight banks, including MCB Bank Limited, MCB Islamic Bank Limited, Bank Alfalah Limited, Habib Bank Limited, Bank Al Habib Limited, Meezan Bank Limited, Habib Metropolitan Bank Limited, and Bank of Khyber.

READ MORE: State Bank of Pakistan imposes Rs. 750 million fines on eight major banks

MCB Bank Limited got a penalty of Rs52.9 million for breaching regulatory instructions regarding FX and General Banking Operations. The bank was advised to improve its internal processes to avoid such violations in the future.

MCB Islamic Bank Limited was fined Rs. 38.544 million for not complying with regulatory instructions regarding AML/CFT, CDD/KYC, and FX. The bank was advised to ensure strict compliance with these instructions to avoid enforcement actions.