Habib Bank fined over country risk scores and inadequate enhanced due diligence

Habib Bank AG Zurich has been fined UK£525,000 by the UK Financial Services Authority (FSA) for operating defective anti-money laundering (AML) controls around high risk customers between 15 December 2007 and 15 November 2010. The bank’s MLRO, Sayed Itrat Hussain, since retired, has also been fined, UK£17,500 for failing to institute and maintain adequate an AML framework.