U.S. banking regulators have made an agreement with a Pakistan-based bank to bolster anti-money laundering protection.
The Federal Reserve Board and the New York State Banking Department have taken the action against Habib Bank Ltd.’s New York branch. Regulators want the bank to address its compliance problems, strengthen its anti-money laundering policies, and increase detection of terrorist financiers.
The banking regulators said Habib Bank agreed to comply with their request and will take steps to improve internal controls to detect abuses by money launderers and other criminals.
The agreement also mandates the bank set up a program to make sure suspicious financial transactions are reported in a timely manner, and do a better job of verifying the identification of customers.
http://www.banknet360.com/news/NewsAbstract.do?na_id=6770&service_id=1&bi_id=
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