UBL Enters into written agreement with Federal Reserve Bank of New York

According to a filing on PSX website, United Bank Limited has notified that it and its New York branch have entered into a Written Agreement (WA 2018) with the Federal Reserve Bank of New York, effective July 2, 2018 upon termination of the earlier written agreement entered into Oct 28 2013 (WA 2013) which primarily related to the New York branch’s international remittances services.

The WA 2018 requires UBL to take steps to strengthen its Bank Secrecy Act and Anti Money Laundering Compliance, Customer Due Care and Suspicious Activity Monitoring and Reporting Programmes.

Although it imposes no civil penalties on UBL, the disclosure regarding signing of WA 2018 is being made as an update to the Written Agreement signed earlier on Oct 28, 2013 (WA 2013).

According to the notification, UBL is undertaking all steps to further strengthen its Compliance Framework to fully comply with the WA 2018.    

The WA 2018 is available in full at Federal Reserve Website.