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
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 Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.