US Federal Reserve Board terminates enforcement actions with HBL

The US Federal Reserve Board in a press release announced the termination of enforcement actions with Habib Bank Limited Pakistan and Habib Bank Limited New York Branch, dating from 2015.

HBL wishes to thank the Federal Reserve Board, the New York State Department of Financial Services (NYDFS) and the State Bank of Pakistan, for their support in bringing this matter to a close.

HBL has worked diligently to improve its control and compliance processes and systems as part of its business transformation program, that began in early 2018. The Bank is committed to ongoing focus on compliance protocols to ensure adherence to international standards, including the Wolfsberg principles. Compliance with these standards and protocols is not just a one-off project but a sustained effort that governs the way we do business.

The Bank continues to service its clients’ US Dollar banking requirements, in Pakistan and other countries where it operates, through its network of correspondent banks.

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2 COMMENTS

  1. The tragedy is that major foreign multinational banks have been proved to be involved in money laundering by Fincen reports but small third world countries banks are penalized heavily so that they close down their operations.

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