DFS Fines Pakistani Bank $225M for Compliance Deficiencies
Pakistan-based Habib Bank Ltd. and its New York branch have been fined $225 million by the state Department of Financial Services for allegedly failing to comply with anti-money laundering and anti-terrorism statues, the department said Thursday.
September 07, 2017 at 04:02 PM
3 minute read
Pakistan-based Habib Bank Ltd. and its New York branch were fined $225 million for failing to comply with state anti-money laundering and anti-terrorism statutes, the Department of Financial Services announced Thursday.
DFS Superintendent Maria Vullo said in a statement that the bank has “repeatedly” been given “more than sufficient opportunity to correct its glaring deficiencies,” yet has failed to do so.
Headquartered in Karachi, Habib Bank is Pakistan's largest bank, with $1 billion in total revenues in 2016 and $24 billion in total assets. The New York branch has been licensed by DFS since 1978, according to the department.
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