Friday, May 24, 2024

US Imposes $55 Million Penalty on National Bank of Pakistan for Money Laundering

As per sources, the National Bank of Pakistan (NBP) has been fined $55 million by US authorities for anti-money laundering violations and for repeated compliance failures.

The bank was fined $20.4 million by the Federal Reserve Board for anti-money laundering offences. It would also require the bank to upgrade its anti-money laundering violations, as per a Fed press statement.

NBP’s US banking operations, according to the Fed, “did not maintain an effective risk management programme or controls sufficient to comply with anti-money laundering legislation.”

It stated the move was in conjunction with a $35 million fine levied by the New York State Department of Financial Services (NYDFS) for “repeated compliance failures.”

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