New York: The US Financial Services Authority has imposed a fine of $55.4 million on the New York branch of the National Bank of Pakistan.
The US Financial Services Authority has imposed a $55.4 million fine on the National Bank of Pakistan’s New York branch, with State Bank officials confirming the fine on condition of anonymity, according to the US Federal Reserve Board. has been fined for non-compliance with anti-money laundering laws, and the National Bank of New York branch has been warned to submit a written plan to ensure compliance with anti-money laundering laws. Improve the reporting programme along with monitoring suspicious activity.
National Bank has also been accused of violating the Bank Secrecy Act. The National Bank New York branch was accused in 2014-15, and it was said that there were flaws in the financial transaction monitoring system of the National Bank New York branch. According to the US Federal Reserve, in 2016, the National Bank of New York agreed that the New York branch of the National Bank would address these shortcomings and ensure compliance with anti-money laundering laws. The New York branch did not address the issue, so it has been fined.
The National Bank of New York branch has been fined by the US Federal Reserve and the US Financial Services Authority, of which $ 20 million has been fined by the US Federal Reserve and $34 million by the superintendent. According to the American Financial Services Authority, the National Bank will pay the fine in two installments.
When Pakistani Prime Minister Imran Khan was in Russia and Pakistan was holding a meeting to review the implementation of the FATF action plan, the United States levied a fine. This is what experts say.
