UBL decides to wrap up its New York branch

November 22, 2018 (MLN): United Bank Limited (UBL) has decided to wind up its business in New York, as part of its global realignment strategy. In an official notification issued to the Pakistan Stock Exchange (PSX), the bank has announced its intention to voluntarily liquidate and surrender its license.

The notification further adds that UBL will continue to work closely with its US regulators throughout the voluntary liquidation process to ensure that the New York branch is wound down in an orderly manner.

In an earlier statement issued on July 13, the bank had informed that it had entered into a Written Agreement with the US Federal Reserve, with effect from July 2, 2018, which required UBL to take steps to strengthen its Bank Secrecy Act and Anti Money Laundering Compliance, Customer Due Diligence and Suspicious Activity Monitoring and Reporting Programs.

The agreement was preceded by the US FED’s recent examination of UBL’s New York Branch operations where shortcomings related to the branch’s risk management and compliance with federal money-laundering laws were identified.

Consequently, the management was asked to submit comprehensive compliance plan and take other prescribed measures.

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