December 17 2015
Shirin Emami, Acting Superintendent of Financial Services, today announced an enforcement action against Habib Bank Limited (the “Bank”) after the most recent examination of the Bank, conducted by the New York State Department of Financial Services (“NYDFS”) and the Federal Reserve Bank of New York (“FRBNY”), identified significant breakdowns in the Bank’s anti-money laundering compliance.
Under an order announced today, the Bank agrees to implement a series of reforms to its policies and procedures, including but not limited to the following:
- U.S. Dollar Clearing Activities Growth
- BSA/AML Compliance Review
- Transaction and OFAC Sanctions Review