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Habib Bank Agrees to Link AML Policies to Risk Profile
By Natasha Bright
printThe Federal Reserve Board and the New York State Banking Department on Thursday ordered the New York branch of a Pakistani bank to improve its enhanced due diligence procedures. In a written agreement, the federal and state regulators instructed Habib Bank Ltd to determine its risk profile and use that information to shape its anti-money laundering policies. The regulators also ordered the New York branch to hire an outside firm to review all transactions conducted in 2005 for unreported suspicious activities - a requirement often referred to as a "look back." Regulators told the bank to evaluate its activities, transactions...
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