Big blow to Pakistan / National Bank will have to pay a fine of Rs 414 crore, know what is the matter here

On the one hand, while Pakistan's Prime Minister Imran Khan arrived to enjoy the hospitality of Russia, on the other hand, the US has imposed a fine of $ 55 million (about Rs 414 crore) on the National Bank of Pakistan. According to the report released in this regard, the U.S. The Federal Reserve and the New York State Department of Financial Services have imposed this fine for violating anti-money laundering rules.

Action due to compliance deficiencies

The National Bank of Pakistan and its New York branch have agreed to pay a $55 million fine in accordance with a consent order made with the New York State Department of Financial Services, the New York regulator said. The report noted that the National Bank of Pakistan allowed serious compliance deficiencies at its New York branch to persist for years, despite repeated regulatory warnings. The Karachi-based, state-owned financial institution, established in 1949, is the only Pakistani bank based in New York.