Commercial Bank
Credit organizations are divided into banks and non-bank credit organizations. The latter can only perform individual banking transactions. A commercial bank is an organization created primarily for the accumulation of…

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Banking services people need
The bank chose an evolutionary path of development and this model suits me as a consumer. New products appear, services become more convenient. A few years ago I became the…

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World banking systems
In world practice there are the following banking systems: 1) two-level: 1st level - Central Bank, 2nd level - commercial banks; 2) a decentralized banking system of the United States…

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Banking services people need
The bank chose an evolutionary path of development and this model suits me as a consumer. New products appear, services become more convenient. A few years ago I became the…

Continue reading →

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Know your customer: this is why banks WILL ask you awkward questions

Banks are fined hundreds of millions of dollars for insufficient customer verification. This is exactly what happened with the largest bank in Pakistan, which received a $ 225 million fine and is now forced to close a branch in New York.
In early September, Habib Bank, which is the largest in Pakistan, was sentenced in New York. According to the Department of Financial Services, the bank did not conduct sufficient customer audits that are required by New York law. The bank was fined $ 225 million for not combating money laundering and financing terrorism, for ignorance in an adequate form of reporting, and they demanded to close the branch in the city. Continue reading