The National Bank of Pakistan (NBP) has achieved a significant regulatory milestone with the termination of two longstanding enforcement actions by the Federal Reserve Board of the United States. The development marks a pivotal moment in the bank’s efforts to enhance compliance and governance across its operations.
The Federal Reserve announced the conclusion of the Cease and Desist Order, which had been in place since February 22, 2022, effective December 2, 2024. Additionally, the Written Agreement, enforced since March 14, 2016, was terminated on December 17, 2024. These actions were directed at both NBP’s Karachi headquarters and its New York branch.
The disclosure, filed with the Pakistan Stock Exchange (PSX) in compliance with Clause 5.6.1 of the PSX Rule Book and Sections 96 and 131 of the Securities Act, 2015, highlights NBP’s strides in aligning with international regulatory standards.
NBP’s management has emphasized its commitment to maintaining robust compliance frameworks, with the termination of these enforcement actions reflecting the bank’s progress in resolving legacy issues. The milestone is expected to bolster the bank’s standing in global financial markets and enhance stakeholder confidence.
The announcement, signed by S.M. Ali-Zamin, Secretary to the Board, underlines the importance of the achievement, reinforcing NBP’s focus on operational excellence and regulatory compliance.
