us decided to close a pakistani bank after 40 years of work
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

For corruption

U.S decided to close a Pakistani bank after 40 years of work

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice U.S decided to close a Pakistani bank after 40 years of work

A Pakistani bank
New York - Emirates Voice

US banking regulators ordered Pakistan’s Habib Bank to shutter its New York office after nearly 40 years, for repeatedly failing to heed concerns over possible terrorist financing and money laundering, officials said Thursday.

Habib, Pakistan’s largest private bank, neglected to watch for compliance problems and red flags on transactions that potentially could have promoted terrorism, money laundering or other illicit ends, New York banking officials said.

The state’s Department of Financial Services, which regulates foreign banks, also slapped a $225 million fine on the bank, although that is much smaller than the $629.6 million penalty initially proposed. Habib has operated in the United States since 1978, and in 2006 was ordered to tighten its oversight of potentially illegal transactions but failed to comply.

New York regulators said Habib facilitated billions of dollars of transactions with a Mideast private bank, which reportedly has links to Al-Qaeda, and failed to do enough to ensure that the funds were not laundered or used for terrorism.

“DFS will not tolerate inadequate risk and compliance functions that open the door to the financing of terrorist activities that pose a grave threat to the people of this State and the financial system as a whole,” DFS Superintendent Maria Vullo said in a news release.

“The bank has repeatedly been given more than sufficient opportunity to correct its glaring deficiencies, yet it has failed to do so.”Habib permitted at least 13,000 transactions that were not sufficiently screened to ensure they did not involve sanctioned countries, the agency said.

And the bank improperly used a “good guy” list to rubber stamp at least $250 million in transactions, including those by an identified terrorist and an international arms dealer, regulators said.

In an August letter to the Pakistan Stock Exchange, Habib company secretary Nausheen Ahmad called the proposed fine of $629.6 million “outrageous” and “capricious” and said the bank had decided to close its New York operations “in an orderly manner.”

But DFS said Habib will have to surrender its license after it meets the agency’s requirements.
“DFS will not stand by and let Habib Bank sneak out of the United States,” Vullo said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us decided to close a pakistani bank after 40 years of work us decided to close a pakistani bank after 40 years of work

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us decided to close a pakistani bank after 40 years of work us decided to close a pakistani bank after 40 years of work

 



GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 05:14 2024 Wednesday ,07 February

Sophisticated Classic Dining Room Design Ideas

GMT 18:06 2017 Wednesday ,05 July

Palm-sized baby born in UAE

GMT 06:16 2017 Thursday ,14 September

Saudi aggression wages 15 air strikes on Haradh, Medi

GMT 00:51 2016 Thursday ,01 December

Net Asset of South Korea's Overseas Funds Rise

GMT 16:18 2016 Saturday ,12 November

Indian bank shares slump as new notes prove elusive

GMT 07:16 2017 Monday ,11 September

Saudi warplanes hit Taiz

GMT 00:05 2017 Wednesday ,26 July

Leadership congratulates Tunisian presiden

GMT 06:57 2012 Thursday ,31 May

The Jump Off

GMT 06:16 2012 Thursday ,25 October

Sudan accuses Israel of air raid, threatens action

GMT 01:11 2017 Thursday ,06 July

Decree for restructuring Ajman realty offices

GMT 12:04 2012 Sunday ,06 May

Poetry For Dummies

GMT 15:12 2012 Sunday ,26 February

Sex-guide according to your age

GMT 07:45 2012 Thursday ,08 March

Zafran: Michelin-star food in a mall

GMT 18:38 2017 Saturday ,09 September

Why Indian cities must go for low-carbon energy

GMT 20:36 2017 Saturday ,28 January

Serena Williams Wins Record 23rd Grand Slam Title

GMT 04:07 2017 Friday ,01 September

5.2 magnitude quake hits southern Iran
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice