Islamabad: According to the latest news report, the State Bank of Pakistan has fined three of the country’s most profitable major banks, Habib Bank Limited, MCB Bank, and United Bank Limited, nearly Rs. 98 million for violating its rules and regulations.

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In the first quarter of January to March 2021, the three banks were hit with separate fines totaling Rs. 97.5 million, according to the central bank’s compliance order.

For violations of regulatory orders pertaining to foreign exchange and general banking activities, Habib Bank Limited, the country’s largest and most profitable bank, was fined Rs.39.7 million.

A penalty of Rs. 10 million was also imposed on MCB Bank for violating regulatory orders relating to foreign exchange and general banking operations.

The banking regulator also fined MCB Islamic Bank, a subsidiary of the MCB Bank, Rs. 37.09 million for violating regulatory orders pertaining to AML/CFT, FX, and general banking operations.

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United Bank Limited, another profitable bank with a large network, was also fined Rs. 10 million by the banking regulator for violating regulatory orders relating to CDD/KYC and general banking operations. The bank’s management was tasked with preventing similar abuses in the future.

The banks’ repeated violations are an incredibly humiliating circumstance for the top brass leadership of these behemoths, who make lofty claims of innovations but have repeatedly struggled to contain corruption in their operations.

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