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US Orders Pakistan’s Habib Bank to Shut Operations for Possible Money Laundering Involvement
September 11, 2017
Citing that Pakistan’s Habib Bank has neglected compliance issues and overlooked red flags on transactions that could have possibly promoted terrorist activities and money laundering, etc. US banking regulators asked the bank to shut down its New York office.
The Department of Financial Services of the New York state has also imposed a $225 million fine on the bank, although the initial fine was $629 million.
Habib Bank began its operations in the US in 1978 but was ordered to check potential illegal operations in 2006 which it has been neglecting ever since.
