Interesting facts about the banking system
The Bank is an organization providing financial services to the public. This is its main purpose. Today, the number of branches is more than enough in any large city, and…

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WPS salary protection system. How to open an account in the UAE and WPS?
When opening a corporate account in the UAE, the bank also provides access to salary payments through the WPS system. In this article we will look at what WPS is…

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Diversify bank accounts or hackers steal your money. Or they are already stealing ...
Dangers lurk at our every corner. And only reasonable diversification, as insurance, is able to protect them from loss. Once I went on a tourist trip. Nothing serious: Europe, attractions,…

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Brunei Offshore: Will Brunei offshore jurisdiction suit you?
Offshore Brunei - a tiny state that bites into the territory of Malaysia and wins not only a place under the sun, but also millions of investments. The country has…

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similar consequences

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