Sensex, Nifty mildly higher but Pharma, PSU Bank indices decline

Sun Pharma to acquire Ranbaxy in $4 billion all-stock dealSun Pharma to acquire Ranbaxy in $4 billion all-stock deal

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.

 These include submitting to a DFS investigation of transactions processed by the branch from October 2013 to the end of September 2014, and from April 2015 through the end of July 2017.

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Epic Research
Epic Research
Epic Research - Investment Adviser is a leading financial services provider with presence in Indian and other global capital markets. Call on - 0731-664-2300