AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Pakistan

New York’s reserve bank directs UBL to strengthen anti money-laundering policies

The Federal Reserve Bank of New York (FRBNY), one of the 12 Federal Reserve Banks of the United States, has directe
Published July 13, 2018

The Federal Reserve Bank of New York (FRBNY), one of the 12 Federal Reserve Banks of the United States, has directed Pakistan’s United Bank Limited (UBL) and its New York branch to strengthen its anti money-laundering policies.

“UBL and its New York branch have entered into a Written Agreement (WA 2018) with the FRBNY, effective July 2, 2018, upon termination of the earlier Written Agreement entered into on 28 October 2013(WA 2013), which was primarily related to the New York branch’s international remittance services,” stated UBL in its filing to Pakistan Stock Exchange (PSX).

“The WA 2018 requires UBL to take steps to strengthen its

bank secrecy act and anti money laundering compliance, customer due diligence and suspicious activity monitoring and reporting programmes,” the statement added, as FRBNY ‘identified compliance and risk management deficiencies at the branch in this product line,’ read the WA 2018 agreement .

“Although FRBNY imposes no civil penalty on UBL, the disclosure regarding the signing of WA 2018 is being made as an update to the Written Agreement earlier signed on October 28, 2013 (WA 2013),” the notification reads.

UBL added it is undertaking all steps to “further strengthen its Compliance Framework to fully comply with the WA 2018.”

Copyright Business Recorder, 2018

Comments

Comments are closed.