NY regulators settle currency case with Pakistani bank
ALBANY, N.Y. (AP) — New York regulators say Habib Bank Ltd. has agreed to hire an independent consultant to review its dollar-clearing transactions and compliance with restrictions against money laundering.
The agreement announced Thursday says the bank’s New York branch will require advance written approval from the state Department of Financial Services and the Federal Reserve Bank of New York before increasing the aggregate dollar value of its dollar-clearing transactions, including wire transfers, letters of credit and trade finance activities.
The consultant will be required to report on the Pakistan-based bank’s compliance program and currency transactions and whether it has properly identified and reported suspicious activity involving high-risk customers or transactions.
The agreement settles an enforcement case brought by the regulators.
Habib Bank did not immediately reply to requests for comment.