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Habib Bank to pay $225 million New York fine for compliance failures

– The New York State Department of Financial Services on Thursday said Pakistan’s Habib Bank had agreed to pay $225 million to settle an enforcement action brought against it for infringing laws designed to combat illicit money transfers.

The DFS said in a legal filing last month it was seeking to fine the bank, Pakistan’s biggest lender, up to $630 million for “grave” compliance failures over anti-money laundering and sanctions rules at its only U.S. branch.

The regulator said the bank, known as HBL, agreed to pay just over a third of that sum as part of a broader settlement in which it will shutter its New York branch, subject to conditions.

These include submitting to a DFS investigation of transactions processed by the branch from October 2013 to the end of September 2014, and from April 2015 through the end of July 2017.

In a statement HBL said it “remains committed to strengthening its compliance processes, operations and controls” across its 1,700 branches.

Shares of HBL surged 5 percent, to 160.58 rupees per share, amid in

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