The National Bank of Pakistan (NBP) has achieved a significant regulatory milestone by ending two long-standing enforcement actions by the US Federal Reserve. This development represents a pivotal moment in the bank’s efforts to enhance compliance and governance across its operations.
The Federal Reserve announced that the cease and desist order, which had been in effect since February 22, 2022, would be effective December 2, 2024. In addition, the written agreement, which had been in effect since March 14, 2016, was terminated on December 17, 2024. These actions were directed To the headquarters of the National Bank in Karachi and its branch in New York.
The disclosure, which was filed with the Pakistan Stock Exchange (PSX) in accordance with Clause 5.6.1 of the PSX Rule Book and Sections 96 and 131 of the Securities Act, 2015, highlights the National Bank of Pakistan’s steps in complying with international regulatory standards.
NBP’s management has reiterated its commitment to maintaining strong compliance frameworks, with the termination of these enforcement actions reflecting the bank’s progress in resolving legacy issues. This achievement is expected to strengthen the bank’s position in global financial markets and enhance stakeholder confidence.
This announcement, signed by SM Ali Zamin, Secretary of the Board of Directors, underscores the importance of the achievement and reinforces the National Bank’s focus on operational excellence and regulatory compliance.