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NBP agreement with regulators

KARACHI: NBP reached agreements with  Federal Reserve Board and Federal Reserve Bank of New York and the New York State Department of Financial Services, the US regulators of NBP’s New York branch.

NBP, through statement here on Friday, has clarified that the agreements include fines totaling $55.4 million focused on historical compliance program weaknesses and delays in making compliance-related enhancements. There were no findings of improper transactions or willful misconduct.

The New York branch has been under new management since May 2020 and has substantially enhanced its compliance program. United States regulators have recognized the many positive changes resulting from new management.

NBP and the New York branch are fully committed to satisfying the regulators’ expectations.

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.