International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Saturday, September 9, 2017

HABIB Bank New York Branch Fined $629,625,000 for weak AML compliance procedures

The New York Department of Financial Services has been conducting an investigation concerning serious deficiencies identified in the New York Branch's program devoted to complying with New York and Federal laws and regulations concerning anti-money laundering ("AML") compliance, including the Bank Secrecy Act ("BSA").The evidence presently before the Department demonstrates that compliance failures found at the New York Branch are serious, persistent and apparently affect the entire Habib banking enterprise. They indicate a fundamental lack of understanding of the need for a vigorous compliance infrastructure, and the dangerous absence of attention by Habib Bank's senior management for the state of compliance at the New York Branch

the Superintendent of Financial Services hereby seeks to impose a civil monetary penalty upon Respondents in an amount up to and including Six Hundred Twenty-Nine Million Six Hundred Twenty-Five Thousand Dollars ($629,625,000).

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