US Asks Pakistan’s largest bank to Shut Operations in New York
Megha Jain
Content Head
The New York branch of Pakistan's Habib Bank has been ordered to shut down its operations by US regulators after repeated warnings on possible terror funding and money laundering after 40 years of operation. A fine of $225mn has also been slapped for failure to comply with New York laws and regulations. The Pakistani bank had reportedly permitted at least 13,000 transactions without sufficient screening.
