NewsISLAMABAD (Reuters) - The New York State Department of Financial Services (DFS) is seeking to fine Habib Bank Ltd nearly $630 million for deficiencies relating to compliance with state and federal laws at its only U.S. branch, an official of the Pakistan bank said on Monday. A December 2015 DFS statement said it had “identified significant breakdowns” in the bank’s anti-money laundering compliance. Examinations of HBL's New York branch at the time "identified significant breakdowns" in the bank's anti-money laundering compliance efforts but the nature of the breakdowns was unclear. In 2016, DFS "identified significant breakdowns" in risk management protocols at the New York branch of another bank, the National Bank of Pakistan, which was given 60 days to draw up an improved monitoring and oversight proposal. That bank continues to have a New York branch.

Source: Sunday Times August 28, 2017 11:15 UTC