BANKING AFFAIRS

Detailed explanation-1: -US banking regulators have fined Pakistan-based Habib Bank $225 million and forced to shutter its New York office after nearly 40 years, for repeatedly failing to heed concerns over possible terrorist financing and money laundering.

Detailed explanation-2: -HBL has reached a settlement with the New York State Department of Financial Services through a Consent Order under New York Banking Law. The charges mentioned in the Notice of Hearing issued earlier are being dismissed as part of this resolution. Under this settlement, HBL is paying a penalty of US $225 million.

Detailed explanation-3: -February 17, 2020 (MLN): Habib Bank Limited (HBL), the largest bank in Pakistan, has announced that it is voluntarily closing down its New York branch. Upon such closure, HBL will no longer operate any bank branch in the United States.

Detailed explanation-4: -Anti-Money Laundering, Combating the Financing of Terrorism & Countering Proliferation Financing (AML/CFT/CPF) Regulations. Download. Guidelines on Risk based Approach for banks/DFIs/MFBs.

Detailed explanation-5: -The UK government has removed Pakistan from its list of “High Risk Third Countries", which covers jurisdictions perceived to have unsatisfactory money laundering and terrorist financing controls.