A West Asian operation of Pakistan’s largest bank displayed “significant irregularities” in dealings with politically exposed clients and screening some transactions, according to an inspection by the South Asian nation’s central bank that took place more than a year after the lender was shut out of the US financial system.
The findings are contained in a State Bank of Pakistan report, finalised in the first half of 2019, on Habib Bank’s operations in the United Arab Emirates (UAE). The inspection was conducted after the Financial Action Task Force (FATF), a global watchdog for illicit financial activities, put Pakistan on its monitoring list. Read More…
