NEW YORK FINANCIAL SERVICES AND THE FEDERAL RESERVE PENALISE PAKISTAN BANK OVER AML FAILURES
February 24th, 2022
The New York state department of financial services (NYDFS) and the US Federal Reserve Board (FSB) have imposed penalties of USD35 million and USD20.4 million respectively on the National Bank of Pakistan over anti-money laundering (AML) failures. New York superintendent of financial services Adrienne Harris said the bank “allowed serious compliance deficiencies in its New York branch to persist for years despite repeated regulatory warnings.” Her department’s penalty was imposed alongside a requirement that the bank creates an acceptable written plan to ...
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