KARACHI: National Bank of Pakistan reached agreements with The Federal Reserve Board and Federal Reserve Bank of New York and the New York State Department of Financial Services, the US regulators of NBP’s New York branch.
NBP, through statement here on Friday, has clarified that the agreements include fines totalling $55.4 million focused on historical compliance program weaknesses
and delays in making compliance-related enhancements. There were no findings of improper transactions or wilful misconduct.
The New York branch has been under new management since May 2020 and has substantially enhanced its compliance program. United States regulators have recognized the many positive changes resulting from new management.
NBP and the New York branch are fully committed to satisfying the regulators’ expectations.