The New York State Department of Financial Services (DFS) is seeking to fine Habib Bank Ltd nearly $630 million for deficiencies relating to compliance with state and federal laws at its only US branch, an official of the Pakistan bank said on Monday. If imposed, the penalty would be the largest ever faced by a Pakistani financial institution. The DFS could not immediately be reached for comment. The compliance issues date to 2015 when the DFS told Karachi-listed Habib Bank (HBL) to institute a series of reforms pertaining to the bank's policies for preventing illicit ...
Pakistan's Habib Bank faces $630 mn fine for its operations in New York
If imposed, the penalty would be the largest ever faced by a Pakistani financial institution