Thursday, August 25, 2016


Pakistan

Pakistan National Bank To Strengthen Money Laundering Curbs

The National Bank of Pakistan agreed to strengthen compliance with U.S. state and federal regulations against money laundering following an examination of its New York branch.

The New York Department of Financial Services said on March 24 that it found "significant breakdowns relating to [the Pakistan bank's] risk management and compliance." 

The agreement was reached with the New York department and the Federal Reserve Bank of New York. It 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 on March 14 says the bank will be reviewed by an independent third party and it must provide quarterly progress reports.

With reporting by AP

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