Many ‘major-wavers’ found in UAE branches of HBL


Many ‘major-wavers’ found in UAE branches of HBL

During 2011 to 2017, in between few exchanges “huge abnormalities” in dealings with politically uncovered customers and screening were discovered in Habib Bank’s Middle East activities.

This was hailed and recognized by the State Bank of Pakistan during an investigation.

Discoveries were discussed in the State Bank of Pakistan’s report, concluded in mid-2019, on Habib Bank Ltd.’s tasks in the United Arab Emirates, said Bloomberg in a report distributed yesterday.

The draft report on the U.A.E. tasks of Habib Bank was set up after an on-location assessment by the national bank, said Bloomberg. It incorporates arrangements of client accounts that were hailed for supposed contribution of HBL staff in different infringement.

In the Habib Bank branches of U.A.E, a few members of the task-force were reported to have aided specific clients mask exchanges by giving compensation arranges in their own names. The holes in hazard profiling and checking mirrored an “incapable consistence work”, affirmed SBP

The investigation report additionally said the course of action gave banking administrations to “politically uncovered people” without checking them as PEPs.

HBL after viewing the recent events fixed the defects and terminated the undermined individuals, the report added.

Official Statement By HBL

A reply to Bloomberg, HBL states,

“In 2017, a few weaknesses were identified at HBL UAE which contravened our processes and standards. The bank responded back by saying that this should never have happened.

Over the last two years, we initiated a business transformation program which is now largely complete. A new senior leadership team is in place.

We have transformed our control and compliance process to ensure that they are in line with international standards. All staff have undertaken additional training as a reminder of our robust compliance and control processes and their responsibilities.”


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