Habib Bank Limited is the first Pakistani commercial bank that has been fined by New York Department of Financial Services for non compliance of financial rules. Shareholders of HBL are worried. (Sajid Imtiaz)

1. HBL
1st Pakistani Bank
To be Ousted from America
In 1978, Habib Bank Limited got license for New York City
branch for clearance of dollar transactions. New York
Department of Financial Services identified deficiencies in 2006
thus NY-DFS signed an agreement with HBL for complete
compliance. HBL failed to screen and report transactions of
criminals and suspicious institutions.
Owing to deliberate violations of law and agreement, in August
2017, NY-DFS imposed $630 million fine that was revised to
$225 million. Share holders are demanding for fair and speedy
investigation from Banking Mohtasib.
Sajid Imtiaz: Bureau Chief Islamabad, Daily Porihyo