Habib Bank to pay $225-mn fine

India Business Journal - - GLOBAL WRAP-UP -

The New York State Depart­ment of Fi­nan­cial Ser­vices (DFS) has said that Pak­istan's Habib Bank has agreed to pay $225 mil­lion in fine to set­tle an en­force­ment ac­tion brought against it for in­fring­ing laws de­signed to com­bat il­licit money trans­fers. The DFS had said in a le­gal fil­ing last month that it was seek­ing to fine the bank, Pak­istan's big­gest lender, up to $630 mil­lion for "grave" com­pli­ance fail­ures over anti-money laun­der­ing and sanc­tions rules at its only US branch. The en­force­ment ac­tion fol­lowed a 2016 re­view that had found the bank guilty of non­com­pli­ance.

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