Thursday, September 21, 2017

New York State regulator fines HBL $225m

WASHINGTON (Reuters) The New York State Department of Financial Services said on Thursday it had fined Pakistan’s Habib Bank and its New York branch $225 million for failures to comply with laws and regulations designed to combat illicit money transactions. 


The DFS statement followed an announcement by the regulator last month that it was seeking to fine Pakistan’s biggest lender, known as HBL, up to $630 million for “grave” compliance failures relating to anti-money laundering and sanctions rules at its only US branch. 

The DFS said on Thursday it had also imposed an order outlining conditions for the orderly closure of HBL’s New York branch. These conditions include an 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. 

The enforcement action was brought following a 2016 review during which the department said it found “weaknesses in the bank’s risk management and compliance” which bank management had failed to address. 

“The bank has repeatedly been given more than sufficient opportunity to correct its glaring deficiencies, yet it has failed to do so,” Financial Services Superintendent Maria Vullo said in the statement. 

“DFS will not stand by and let Habib Bank sneak out of the United States without holding it accountable for putting the integrity of the financial services industry and the safety of our nation at risk.” 

Officials at Habib Bank, which is listed in Karachi, were not immediately available for comment outside normal working hours. 

The bank disclosed last month that it was in negotiations with the DFS regarding the potential fine and would also shutter its New York branch. 

Nausheen Ahmad, the bank’s company secretary, said in a statement at the time that the DFS did not recognize “the significant progress that HBL has made at its branch in New York” and that the bank would vigorously contest the proposed fine in US courts. 

The bank also said the closure of its New York operation would have no material impact on its business outside the United States.—Reuters 




SHARE THIS

Author:

Thanks for visiting our website. Like our FB pages and subscribe for daily updates; you can comment on the above post bellow ↓with your Google id or Facebook id – Thank you for your time..☺

0 comments:

 
‎لطیفے اور شاعری‎
Facebook group · 8,142 members
Join Group
یہ گروپ آپ سب کے لئے ہے۔ پوسٹ کیجئے اور بحث کیجئے۔۔۔۔۔ اپنی آواز دوسروں تک پہنچائے۔۔۔اور ہاں گروپ کو بڑا کرنے کے لئے اپنے دوستوں کو بھی گروپ میں دعو...
 

All Categories

Aaj Kamran Khan ke Saath Aamir Liaquat Hussain Aapas ki Bat NajamSethi Abdul Qadir Hassan AchiBaatain Afghanistan Aga Khan University Hospital AirLineJobs Allama Iqbal America Amjad Islam Amjad Anjum Niaz Ansar Abbasi APP Aqwal Zareen Articles Ayat-e-Qurani Ayaz Amir Balochistan Balochistan Jobs Bank of Khyber Banking Best Quotes Biwi Jokes Blogger Tips Chaltay Chaltay by Shaheen Sehbai China Chitral Coca-Cola Coke Studio Columns CookingVideos Corporate News Corruption Crimes Dr Danish ARY Sawal Yeh Hai Dubai E-Books EBM Education Educational Jobs Emirates English #Quotes English Columns EnglishJokes Funny Photos Funny Talk Shows Funny Videos Gilgit-Baltistan Girls Videos Govt Jobs HabibJalibPoetry Hamid Mir Haroon Al-Rashid Hasb-e-Haal with Sohail Ahmed Hassan Nisar Hassan Nisar Meray Mutabaq Hazrat Ali AS Sayings HBL Health HikayatShaikhSaadi Hospital_Jobs Hotel Jobs Huawei Hum Sab Umeed Say Hain India Information Technology Insurance International News Islam Islamabad Islamic Videos JammuKashmir Javed Chaudhry Jazz Jirga with Salim Safi Jobs Jobs Available Jobs in Karachi Jobs in KPK Jobs in Pak Army Jobs_Sindh JobsInIslamabad Jokes Jubilee Insurance Kal Tak with Javed Chaudhry Karachi Kashmir KhabarNaak On Geo News Khanum Memorial Cancer Hospital Khara Sach With Mubashir Lucman Khyber Pakhtunkhwa Lahore Latest MobilePhones Lenovo LG Life Changing Stories LifeStyle Live With Dr. Shahid Masood Live with Talat Hussain Maulana Tariq Jameel MCB Bank Microsoft Mobilink Mujeed ur Rahman Shami Munir Ahmed Baloch Nasir Kazmi Nazir Naji News News Videos NGO Nokia North Korea Nusrat Javed Off The Record (Kashif Abbasi) Off The Record With Kashif Abbasi On The Front Kamran Shahid OPPO Orya Maqbool Jan Pakistan Pakistan Army Pakistan Super League Pashto Song Photos Poetry Political Videos Press Release Prime Time with Rana Mubashir PTCL Punjab Quetta Quotes Rauf Klasra Samsung Sar-e-Aam By Iqrar-ul-Hasan Sardar Jokes Saudi Arabia ShiroShairi Show Biz Sikander Hameed Lodhi Sindh Social Media Sohail Warriach Songs Sports News Stories Syria Takrar Express News Talat Hussain Talk Shows Technology Telecommunication Telenor To the point with Shahzeb Khanzada Tonight with Moeed Pirzada Turkey Tweets of the day Ufone University Jobs Urdu Ghazals Urdu News Urdu Poetry UrduLateefay Video Songs Videos ViVO Wardat SamaaTV WaridTel Wasi Shah Zong اردو خبریں
______________ ☺ _____________ _______________ ♥ ____________________