WASHINGTON: After the successful Russian visit of PM Imran Khan, the United States (US) authorities have imposed a fine of $50.4 million on the National Bank of Pakistan (NBP) for alleged anti-money laundering violations. According to details, the US Federal Reserve Board announced a $20.4 million penalty against the National Bank of Pakistan over alleged anti-money laundering violations. The Board will also require the firm to improve its anti-money laundering program. As detailed in the consent cease and desist order against the National Bank of Pakistan, the firm’s United States banking operations did not maintain an effective risk management program or controls sufficient to comply with anti-money laundering laws. Meanwhile, Superintendent of Financial Services Adrienne A. Harris announced Thursday that the National Bank of Pakistan and its New York branch have agreed to pay $30 million in penalties pursuant to a Consent Order entered into with the New York State Department of Financial Services (DFS). “The National Bank of Pakistan allowed serious compliance deficiencies in its New York branch to persist for years despite repeated regulatory warnings,” claimed Superintendent Harris. It is to be noted that on Thursday, Prime Minister Imran Khan and President Vladimir Putin held a summit meeting in the Kremlin. The two leaders held wide-ranging consultations on bilateral relations as well as regional and international issues of mutual interest, according to the declaration after the summit meeting.