National Bank of Pakistan fined $55million by US

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The US Federal Reserve, the Federal Reserve Bank of New York, and the New York State Department of Financial Services have jointly fined the NBP (National Bank of Pakistan) USD 55 million for AML violations. Examinations conducted on NBP’s New York Branch uncovered significant deficiencies in its risk management and compliance with federal laws, rules, and regulations relating to AML compliance, the Bank Secrecy Act and others BSA/AML requirements.

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