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.
The state’s Department of Financial Services, which regulates foreign banks, also slapped a 225 million Dollars fine on the bank. In 2006, it was ordered to tighten Habib Bank’s oversight of potentially illegal transactions but failed to comply.
Important Takeaways from Above News-
- Habib Bank has operated in the United States since 1978.
Source- The Indian Express