KARACHI: National Bank of Pakistan has reached agreements with the Federal Reserve Board and Federal Reserve Bank of New York and the New York State Department of Financial Services, the US regulators of NBP’s New York branch. The agreements included fines totalling US 55.4 million dollars focused on historical compliance programme weaknesses and delays in making compliance-related enhancements. There were no findings of improper transactions or willful misconduct.
NBP says 'fully committed to satisfying US regulators' expectations' after over $55mn fine
The New York branch has been under new management since May 2020 and has substantially enhanced its Compliance Programme. US regulators have recognised the many positive changes resulting from new management. The National Bank of Pakistan and the New York branch are fully committed to satisfying the regulators’ expectations.
Copyright Business Recorder, 2022
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