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Violation Tracker Individual Record

Company: Habib Bank
Penalty: $225,000,000
Year: 2017
Date: September 7, 2017
Offense Group: financial offenses
Primary Offense: economic sanction violation
Secondary Offense: anti-money-laundering deficiencies
Mega-Scandal: Anti-Money Laundering Deficiencies
Violation Description: The Department of Financial Services fined Habib Bank and its New York branch $225 million for failure to comply with New York laws and regulations designed to combat money laundering, terrorist financing, and other illicit financial transactions. The new consent order followed a 2016 DFS examination that found weaknesses in the bank's risk management and compliance and a failure to undertake extensive remedial actions required by a 2015 consent order.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.