SanctionsAlert.com Sanctions News Round Up

August 31, 2017

NYDFS: Pakistani Bank’s OFAC Program Included Improper Inclusion of SDN’s on the Bank’s ‘Good Guy’ List

On August 24, 2017, the New York Department of Financial Services (NYDFS) – NY State’s financial regulator – announced it is seeking up to $630 million in penalties from Habib Bank for “serious deficiencies” in its AML and OFAC compliance programs. The deficiencies, identified in the “Statement of Charges”, span more than a decade. Among other things, the regulator’s investigation determined that transactions went un-reviewed because of the improper inclusion of certain individuals and transactions on the Bank’s so-called ‘good-guy’ list. Such improper inclusions comprised prohibited persons and entities identified on OFAC’s SDN List corresponding to: (more…)