To meet FATF stipulations: SBP fines Rs1.68 bn on 15 banks for forex trading violations
(WorldNews Pakistan)

KARACHI: The State Bank of Pakistan has fined 15 commercial banks Rs1.68 billion in March-June 2020 for deficiencies in foreign exchange trading, as well as failure to comply with customer due diligence (CDD) and know your customer (KYC) requirements in line with requirements of FATF action plan on anti-money laundering and countering terror financing. The SBP imposed penalties on banks for violating CDD and KYC laws and lapses in their foreign exchange...