Pakistan’s Habib Bank to pay $225-mn New York fine for compliance failures
September 8th, 2017
The New York Department of Financial Services (DFS) announced a fine of USD 225 million on Pakistan’s Habib Bank Limited (HBL) and its New York branch for failure to comply with New York laws and regulations designed illicit financial transactions. Earlier, the bank facing a possible $630 million fine over compliance failures by its New York branch. The bank also announced that it would close its branch in New York after the United States financial regulator imposed a penalty of nearly USD 630 million.