National Bank of Pakistan
US FRB slaps penalties on National Bank of Pakistan for anti-money laundering violations
Islamabad: The US Federal Reserve Board recently announced a $20.4 million penalty against the National Bank of Pakistan (NBP), which is operating in the US as a foreign bank, for anti-money laundering violations, media reports said on Friday.
But in a separate statement, Superintendent Adrienne A. Harris of the New York State Department of Financial Services (DFS) said they had imposed a $35 million penalty on the bank for repeated compliance failure. The probe was conducted in 2014 and 2015, reports The Dawn.
The Board said that its action was “in conjunction with a similar action by the New York State Department of Financial Services”, indicating that these could be two separate penalties.
Superintendent Harris accused the bank of continuing to “conduct business in an unsafe and unsound manner, disregarded numerous financial regulatory warnings, and failed to maintain an effective and compliant anti-money laundering programme”, the Pakistani newspaper reported.
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