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.

The bank will pay a $35 million penalty under a consent order with the NYDFS and an additional $20.4 million penalty under its settlement with the Federal Reserve Board.

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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,...