The Habib Bank Limited (HBL) logo is seen on the head office building in Karachi, Pakistan, April 18, 2016. REUTERS/Akhtar Soomro/File Photo
Reuters: Pakistan's Habib Bank to pay $225-million New York fine for compliance failures
WASHINGTON (Reuters) - The New York State Department of Financial Services on Thursday said Pakistan’s Habib Bank had agreed to pay $225 million to settle an enforcement action brought against it for infringing laws designed to combat illicit money transfers.
The DFS said in a legal filing last month it was seeking to fine the bank, Pakistan’s biggest lender, up to $630 million for “grave” compliance failures over anti-money laundering and sanctions rules at its only U.S. branch.
The regulator said the bank, known as HBL, agreed to pay just over a third of that sum as part of a broader settlement in which it will shutter its New York branch, subject to conditions.
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WNU Editor: After years of catering to Pakistani demands while ignoring their support of terror groups .... the U.S. is finally putting a price on their behavior.Will it make a difference .... probably not. But it is a start.
More News On The U.S. Ordering The Closure Of The New York Office Of Pakistan's Largest Private Bank For Suspected Terror Financing
Pakistan's biggest bank kicked out of US, fined over terror financing charge -- Economic Times/AFP
US kicks Pakistan's Habib Bank out of New York over terror financing concerns -- International Business Times
US Fines, Shuts Pak’s Habib Bank on Suspicions of Terror Financing -- The Quint
Pakistan's largest bank to have New York licence revoked over AML failures -- IBS Intelligence
1 comment:
I still have to think of the speech Trump gave in front of Muslim-majority nations a few months ago. I think he did not get enough credit for it. Since then Qatar and Pakistan have been called out - not just by him but by other nations too.
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