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.
For more information & more Commodity Tips.
Call us ✆ – 0731-6642300 or
Visit http://www.epicresearch.co
Connect with our social media sites
Follow @Epic_Research
Sign up here with your email