September 28, 2020

SBP Fines 12 Banks Who Failed To Complete Biometric Verification Of Their Respective Portfolio

The State Bank of Pakistan (SBP) has recently fined twelve banks of Pakistan who were still not able to complete the biometric verification of all their users. The SBP imposed fines of up to Rs10 million on these banks who did not comply with the rules of the government. The SBP has so far imposed fines of almost Rs 805.1 million in total. The main reason for this has been that the banks had failed to complete biometric registration of their respective customers.

The SBP has been very strict on these measures and the main reason for that has been the upcoming meeting with the FATF officials in October. Pakistan has been in the watchdog’s grey list since last year and the country’s officials have been working tirelessly to come up with policies to comply with the rules of the FATF.

FATF had given Pakistan a list of 27 points to work on and the compliance of Pakistan on these points would determine whether Pakistan would get out of the FATF’s grey list or not. The current governor of the SBP has been very strict on the FATF compliance points and is not showing any leniency regarding any violations. The government has been taking strict measures to comply with the rules and has been adopting many unpopular means to achieve success in the upcoming meeting with the FATF in October.

 

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