US Fed ends action against HBL

KARACHI: The US Federal Reserve Board has terminated its enforcement actions with Habib Bank Limited Pakistan and Habib Bank Limited New York Branch, dating from 2015, a statement said on Wednesday.

“HBL wishes to thank the Federal Reserve Board, the New York State Department of Financial Services (NYDFS) and the State Bank of Pakistan, for their support in bringing this matter to a close,” the bank said in its statement.

HBL said it had worked diligently to improve its control and compliance processes and systems as part of its business transformation programme that began in early 2018.

“The bank is committed to ongoing focus on compliance protocols to ensure adherence to international standards, including the Wolfsberg principles.”

The HBL said compliance with these standards and protocols was not just a one-off project but a sustained effort that governed the way it did business.