US: New York Department of Financial Services Imposes $40m Fine on Mashreqbank and Branch for AML Failures

On October 10, 2018, the New York State Department of Financial Services (NYDFS) announced that upon investigating and examining the New York branch of Mashreqbank it discovered deficiencies related to the branch’s U.S. dollar clearing operations, which resulted in the imposition of a fine amounting to $40m, to be paid within ten days of the consent order being executed.

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