Uber and Volvo are upping their self-driving auto agreement
Moody's morning surprise brings cheers in India
The best offers, discounts and cheap deals
Keystone pipeline in South Dakota shut down after leak detected
France chosen over SA to host 2023 Rugby World Cup
HBL agrees to pay $225m fine after settlement with USA regulator
10 September 2017, 02:28 | Frank Carlson
Akhtar Soomro Reuters
The enforcement action followed a 2016 review in which the regulator said it found "weaknesses in the bank's risk management and compliance" that management had failed to tackle.
According to AFP reports which quoted NY banking officials, Pakistan's largest private bank HBL neglected to watch for compliance problems and red flags on transactions that potentially could have promoted terrorism, money laundering or other illicit ends. Subsequently, the DFS said in a regulatory filing in August this year that it wanted to fine the bank up to $630 million (Rs 4,022 crore) for "grave failures" in complying with anti-money laundering rules at its NY branch.
A sigh of relief swept through financial circles in the country on Friday as the difficulties of HBL, the country's largest commercial bank, ended with a fine and nothing more.
Habib Bank is learnt to have repeatedly violated the terms of a 2006 agreement to improve its internal controls. The state's Department of Financial Services (DFS), which regulates foreign banks, slapped a $225 million fine on the bank.
"Formal steps for the voluntary closure of HBLNew York branch are underway" she mentioned in the letter addressed to General manager Pakistan Stock Exchange.
Republicans Weigh Linking Harvey Funds, Debt Limit Analysts at the Bipartisan Policy Center, a Washington think tank, say Harvey aid wouldn't cause a cash crunch for weeks. Mnuchin has warned lawmakers that the debt ceiling must be lifted to avoid a USA default on financial obligations.
DFS had said last month that he is considering imposing a fine of about Rs 40,000 crore on Habib Bank.
The regulators' agency said Habib allowed almost 13,000 transactions which were not screened properly. DFS did not have to take this tough step due to the lack of instructions from the Pakistani bank. DFS will not stand by and let Habib Bank sneak out of the United States without holding it accountable for putting the integrity of the financial services industry and the safety of our nation at risk. The bank, DFS said, put through thousands of poorly screened transactions, including for people on a "good guy" list at the bank that included an identified terrorist, an global arms dealer and an Iranian oil shipper.
"DFS will not tolerate inadequate risk and compliance functions that open the door to the financing of terrorist activities that pose a grave threat to the people of this State and the financial system as a whole", said Superintendent Vullo.
In another instance, the DFS reported that the Habib handled payments involving individuals wanted by U.S. authorities, including an individual suspected of cybercrime and a Chinese weapons manufacturer subject to USA sanctions. Habib officials did not immediately respond to request for comment on DFS' actions.
Trump Rescinding DACA Program Protecting Young Immigrants
Therefore nation must set and enforce a limit on how many immigrants we accept each year, and that means not all can be accepted. So make no mistake, the promise that DACA recipients won't have to fear immediate deportation is entirely unreliable.
Former Fox News anchor Eric Bolling's son dies at 19
Fox News television personality Eric Bolling arrives at Trump Tower on November 16, 2016 in New York City. Bolling's son, 19-year-old Eric Bolling Jr., reportedly died by suicide on Saturday, according to TMZ .
Hurricane Irma of 'unprecedented intensity' in the Atlantic
ET (2100 GMT) - was bearing down on the Leeward Islands in the northeast Caribbean on a forecast path toward Florida . The intensity of Irma could fluctuate as it moves over the mountainous regions of Puerto Rico and Dominican Republic.
Katie Holmes & Jamie Foxx Take Their Love to the Beach
The Dawson's Creek actress divorced Cruise in 2012 after five years of marriage, with it being the Top Gun actor's third divorce. New pictures obtained by TMZ and Daily Mail show the rumoured lovebirds walking along the shores of Malibu , California.