transactions - Electronic Gurudev

New York’s state banking regulator has slapped a $225m fine on Habib Bank, the biggest bank in Pakistan, and ordered it out of the US after finding a catalogue of flaws in compliance that “opened the door” to the financing of terror. The Department of Financial Services on Thursday said it was taking drastic action — the first time it has ordered a bank to shut down in the US — because Habib had failed to correct serious weaknesses first identified more than a decade ago. By 2015, the DFS found, the bank’s compliance function was in an even worse state, lacking the most basic of controls on money-laundering and customer screening. The DFS’ most recent investigation found that Habib facilitated billions of dollars in transactions with a Saudi private bank, the Al Rajhi Bank, which has had...

Though governments and banks may be wary of Bitcoin and its application, the technology behind the crypto-currency—blockchain—is what has attracted attention of many. In India, three private sector banks—ICICI, Yes and Axis—have already instituted the technology for domestic financing, intra-bank transactions and cross border remittances, with many more vying potential uses for the technology. But, now blockchain is expected to get a much-needed push, which may make it one of the primary platforms in the country. The central bank’s research arm, Institute for Development and Research in Banking Technology, has released a White Paper saying that the technology has matured enough to be considered for various uses across the spectrum. Moreover, the research also showcases a proof-of-concept s...

Tag: transactions

New York State Banking Regulator fined Pakistan’s Habib Bank and Kicked out of US

RBI Calls on Indian Banks to Explore Blockchain