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7/25/24, 9:30 AM FRB: Press Release -- Order of Assessment of a Civil Money Penalty against Habib Bank AG Zurich -- March 25, 1998 Release Date: March 25, 1998 For immediate release The Federal Reserve Board today announced the issuance of an Order of Assessment of a Civil Money Penalty against the Habib Bank AG Zurich, Switzerland and Habib Bank’s Branch in Los Angeles, California. The order was issued jointly with the Federal Deposit Insurance Corporation. Habib Bank and the Branch, without admitting to any allegations, consented to the issuance of the order in connection with allegations that they did not file complete and accurate F.R. Y-7 reports with the Federal Reserve and a complete and accurate application for federal deposit insurance with the Federal Deposit Insurance Corporation. Habib Bank and the Branch paid a $15,000 penalty to the Federal Reserve and Federal Deposit Insurance Corporation. A copy of the order is attached. Order (176 KB PDF) 1998 Enforcement actions Home | News and events Accessibility Last update: April 8, 1998, 12:00 PM https://www.federalreserve.gov/boarddocs/press/enforcement/1998/19980325/ 1/1