The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with the New York State Department of Financial Services (NYDFS) and the U.S. Federal Reserve Board for deficiencies in the bank’s risk management and anti-money laundering (AML) compliance program, the agencies announced Thursday.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...