NYDFS takes enforcement action against the National Bank of Pakistan. Some takeaways:
- $35 million civil monetary penalty
- NYDFS may impose independent consultant or monitor after a year in the event progress on remediation is unsatisfactory
- There is a parallel settlement with the Federal Reserve Board which includes a $20 million penalty as well.
The NYDFS Consent Order is here: https://www.dfs.ny.gov/system/files/documents/2022/07/ea20220216_consent_order_nbp_rev.pdf
The Federal Reserve Board Cease and Desist Order is here: https://www.federalreserve.gov/newsevents/pressreleases/enforcement20220224a.htm