July 12, 2018 / 3:02 PM / a month ago

Fed orders United Bank Ltd. to toughen money laundering policies

WASHINGTON, July 12 (Reuters) - The Federal Reserve on Thursday ordered United Bank Limited to toughen its anti-money laundering policies as the regulator faulted the Pakistani bank for not doing enough to track suspicious transactions.

The Thursday order is at least the second time that the Fed has sanctioned the Pakistan-based bank in recent years.

In 2013, the Fed ordered United Bank to closely monitor remittances from New York City to Karachi and faulted the bank’s anti-money laundering oversight. (Reporting by Katanga Johnson)

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