The New York State Department of Financial Services said Pakistan’s Habib Bank had agreed to pay USD 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 USD 630 million for “grave” compliance failures over anti-money laundering and sanctions rules at its only US 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.
You may also like:
|Sensex, Nifty rangebound; RBI’s MPC meet outcome awaited||Sensex, Nifty continue to be sluggish ahead of RBI policy; Europe mixed|