Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
US regulators impose penalties on National Bank of Pakistan
Fine or penalty
The New York State Department of Financial Services imposed a $35 million penalty on National Bank of Pakistan, and the Federal Reserve Bank of New York announced a separate $20.4 million penalty, in enforcement actions concerning alleged AML violations and compliance deficiencies.
Company response
Remediation — National Bank of Pakistan
the Bank must submit status reports to the Department with updates on Bank’s BSA/AML compliance program, suspicious monitoring and reporting, customer due diligence, and corporate governance and management oversight.
Source excerpt
In conjunction with the Department’s enforcement action, the Federal Reserve Bank of New York (“FRBNY”) also issuance of a Consent Order for its alleged Anti-Money Laundering (“AML”) violations.announced a $20.4 million penalty against NBP
The Department alleges in the Consent Order that the Bank violated laws and regulations by: (a) conducting business in an unsafe and unsound manner, in violation of New York Banking Law § 44; and (b) failing to maintain an effective and compliant AML program in violation of 3 N.Y.C.R.R. § 116.2.