NEW YORK: US banking regulators ordered Pakistan's Habib Bank to shutter its New York office after nearly 40 years, for repeatedly failing to heed concerns over possible terrorist financing and money laundering, officials said Thursday. Habib, Pakistan's largest private bank, neglected to watch for compliance problems and red flags on transactions that potentially could have promoted terrorism, money laundering or other illicit ends, New York banking officials said. "The bank has repeatedly been given more than sufficient opportunity to correct its glaring deficiencies, yet it has failed to do so." Habib permitted at least 13,000 transactions that were not sufficiently screened to ensure they did not involve sanctioned countries, the agency said. "DFS will not stand by and let Habib Bank sneak out of the United States," Vullo said.

Source: Economic Times September 08, 2017 05:48 UTC