Saturday, September 23 2017

September 8, 2017

HBL Bank of Pakistan kicked out of US and fined

New York: DFS has fined Pakistan’s HBL Bank and its New York branch USD 225 million for failure to comply with laws and regulations designed to combat money laundering, terrorist financing, and other illicit financial transactions. This was informed by DFS Spdt Maria T Vullo.The new consent order follows a 2016 DFS examination that found weaknesses in the bank’s risk management and compliance and the bank’s failure to undertake extensive remedial actions required by a 2015 consent order.