US regulators fine Pakistani state-owned bank
The Federal Reserve and New York’s state financial regulator have fined a major Pakistani bank $55 million for failing to observe anti-money laundering rules.
The Fed’s Board of Governors announced on February 24 it was imposing a $20.4 million fine on the National Bank of Pakistan, which operates in the US. The New York State Department of Financial Services (DFS) levied a $35 million fine.
The State Bank of Pakistan, the country’s central bank, owns a 75.2% stake in the NBP. The bank is the
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