Karachi (Business Reporter): The Central Bank of United Arab Emirates (CBUAE) continued inspection of Habib Bank Limited under the Anti Money Laundering laws to assess quantum of irregularities.
HBL management did not share any details with analysts during a recent briefing. “On the ongoing regulatory examination of HBL’s UAE operations by the Central Bank of United Arab Emirates, the management outlined that it was premature to share any details,” stated a market briefing report of Taurus Securities, a subsidiary of National Bank of Pakistan.
The Central Bank of United Arab Emirates started inspection in February 2020. (Statement of CBAUE)
“Central Bank of UAE (CBAUE) expects high standards of Anti-Money Laundering (AML) compliance from all banks, including branches of foreign banks operating in the UAE. We are in close contact with the home regulator of the Pakistani bank, the State Bank of Pakistan, and will take appropriate regulatory action once we have verified the findings
reported in the media to confirm if there was any violation to UAE’s Anti-Money Laundering and Combat of Financing of Terrorism (AML/CFT) laws and procedures,” CBAUE stated in a press release in February 2020.
Gulf News reported that HBL had admitted “a few weaknesses were identified in 2017 in its UAE operations that contravened its processes and standards.” International media reported that HBL U.A.E. staff ignored some rules when opening an account for Duduzane Zuma, the son of former South African President Jacob Zuma.
HBL had surrendered its license in New York and closed its branch early this year.