KARACHI: The US Federal Reserve Board has announced the termination of enforcement actions with Habib Bank Limited Pakistan and Habib Bank Limited New York Branch.
Since 2015, HBL New York Branch, voluntary closed in March this year, was facing some regulatory issues and making serious efforts to comply with the regulatory requirements of New York State Department of Financial Services (DFS).
Sources said that now the HBL New York Branch has fulfilled all requirements. Accordingly, on September 29, 2020 the US Federal Reserve Board announced the termination of enforcement actions with Habib Bank Limited Pakistan and Habib Bank Limited New York Branch, dating from 2015.
According to a statement issued by HBL, the Bank has worked diligently to improve its control and compliance processes and systems as part of its business transformation program began in early 2018.
The bank is also committed to ongoing focus on compliance protocols to ensure adherence to international standards, including the Wolfsberg principles. Compliance with these standards and protocols is not just a one-off project but a sustained effort that governs the way we do business, HBL said.
HBL has also thanked the Federal Reserve Board, the New York State Department of Financial Services (NYDFS) and the State Bank of Pakistan, for their support in bringing this matter to a close.
The Bank said that it will continue to service its clients’ US Dollar banking requirements, in Pakistan and other countries where it operates, through its network of correspondent banks. It may be mentioned here that in 2015, HBL New York branch was subject to a Consent Order and a Cease and Desist Order by the New York State Department of Financial Services and the Federal Reserve Bank of New York respectively.
Copyright Business Recorder, 2020
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