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NY regulators say Pakistan bank agrees to improve compliance

March 24, 2016

ALBANY, N.Y. (AP) — The National Bank of Pakistan has agreed to strengthen compliance with state and federal regulations against money laundering following an examination of its New York branch.

The New York Department of Financial Services says “significant breakdowns relating to its risk management and compliance” were found.

The agreement with the department and the Federal Reserve Bank of New York requires the Pakistan bank to submit written plans within 60 days documenting how its compliance, monitoring, oversight and reporting of suspicious activity will be improved, including internal controls for correspondent accounts.

The agreement signed earlier this month says the bank will have its current measures reviewed by an independent third party and there must be quarterly progress reports.

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