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Habib Bank of Pakistan has one office in the USA and it's in New York where the Department of Financial Services has determined that there are "serious and persistent" failings in its counter-money laundering policies and procedures. The DFS said that it plans to fine the bank an amount of "up to USD630 million" and the bank's response is to say that it will close its US operations. It will, the bank said, not consent and will challenge the proposed fine in the US Courts. Fighting talk. But as of yesterday, something changed. If nothing else, the penalty, when levied, did not come close to that headline figure - and the bank did consent. But what also changed was that it became more widely known that the bank had a poor history.

 


 

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