February 21, 2024

US Federal Reserve Board penalises NBP for anti-money laundering violations

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US Federal Reserve Board penalizes NBP for anti-money laundering violations

WASHINGTON, Feb 24,2022- The Federal Reserve Board on Thursday announced a $20.4 million penalty against the National Bank of Pakistan NBP, a foreign bank operating in the United States and headquartered in Pakistan, for anti-money laundering violations.

The Board will also require the firm to improve its anti-money laundering program.

As detailed in the consent cease and desist order against the National Bank of Pakistan, the firm’s U.S. banking operations did not maintain an effective risk management program or controls sufficient to comply with anti-money laundering laws.

The Board’s action is in conjunction with an action by the New York State Department of Financial Services.