HBL Bank Shut due to Terror Financing
HBL after it repeatedly failed to pay attention to concerns of possible terror financing and money laundering.
Source: Moneycontrol – United States Regulars shut down the largest lender Habib Banks after almost 40 years of operation .Regulator slapped $225 Million dollar fine for don’t comply with law and financing terrorist and other illicit financial transactions . Bank Regulators many time warn Habib Bank Ltd in last 2006 but failed to comply .
According to a statement issued by the DFS, the New York branch of Habib Bank has continued to fail to comply with a 2006 agreement that arose out of “significant deficiencies” identified within the bank’s compliance with economic sanctions laws and with its anti-money laundering compliance, including the Bank Secrecy Act. “Violations of the 2006 agreement and New York Banking law have occurred almost every year since 2006. DFS’s actions today ensure that this misconduct will not continue anymore,” the release said.
Pakistan’s HBL Bank Downs Shutters On New York Branch Amidst Allegations Of Terror Funding https://t.co/m5x4LTcWfX
— Swarajya (@SwarajyaMag) September 8, 2017