Islamabad : Oct 25 : The State Bank of Pakistan (SBP) has fixed four banks for manipulating dollar value to bag hundreds of billions of rupees last week.
The banks which have been found commuting financial crime for making unlawful profit included Allied Bank, United Bank of Pakistan, the Bank of Punjab and JS Bank . The SBP issued a charge sheet against these banks which commited the financial crime . The central bank said the listed four banks committed violation of regulatory instructions pertaining to FX and general banking operations.
In addition to penal action, the bank have been advised to strengthen its controls and ensure meticulous compliance with the regulatory
instructions.
Regarding the Bank of Punjab , SBP said the Bank of Punjab committed
violation of regulatory instructions
pertaining to general banking
operations.
In addition to penal action, the bank has been advised to strengthen its systems and controls to avoid recurrence of regulatory violations.
JS Bank Limited also committed serious financial crime and violated regulatory instructions pertaining to CDD/KYC, FX and general banking operations.
In addition to penal action, the bank has been advised to strengthen its systems and controls to avoid recurrence of regulatory violations.
Allied Bank Limited also preferred to make money through dollar manipulation. According to the central bank , JS Bank committed violation of regulatory instructions pertaining to general banking operations.
In addition to penal action, the bank has been advised to improve its internal processes in order to avoid violations in future, SBP concluded. A few days ago, dollar rates had jumped up out of the blue and it had created a furore in the financing market. SBP investigations had confined that at least five banks including ABL, HBL, JS Bank and Bank of Punjab were behind dollar fast fluctuation.
The banks and currency exchanges are continuously committing such financial crimes like one detected last week. SBP has failed to fix the banks and exchange companues except issuing them instructions.