Fine on Sonali Bank UK has to be paid: Muhith

Finance Minister AMA Muhith today said the fine slapped by the UK financial watchdog on Sonali Bank (UK) Ltd will have to be paid.

UK’s Financial Conduct Authority imposed a fine of £3.25 million (Tk 31 crore) on the bank yesterday for maintaining transactions in favour of politically exposed persons without doing adequate due diligence and allowed suspicious money transfers from branches.

The minister, however, said he has not seen any document on the issue and only came to know about it from media reports.

“If there is any fine, it has to be paid,” Muhith told reporters at the secretariat, adding that it is solely a matter of Bangladesh whether it will take steps against the people responsible.

The government of Bangladesh owns 51 percent of the company, while the remaining 49 percent is held by Sonali Bank Ltd.