The DFS said in a legal filing last month it was seeking to fine Habib Bank, Pakistan's biggest lender, up to $630mn for "grave" compliance failures over anti-money laundering and sanctions rules at its only US branch.

Pakistan's largest private bank is facing a $629mn penalty in the United States over accusations of non-compliance with financial standards and practices at its New York branch.

President Benigno Aquino virtually cleared fire bureau officials of culpability in the May 13 footwear factory fire that killed 72 ...