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Mashreq responds to NYDFS consent order

Jaclyn Jaeger | October 18, 2018

Editor's Note: This post has been updated with a statement from Mashreq.

The New York Department of Financial Services (DFS) fined United Arab Emirates-based Mashreqbank PSC and its New York branch $40 million for violations of U.S. Bank Secrecy Act and Anti-Money Laundering laws in the New York branch’s U.S. dollar clearing operations. 

Under a consent order, announced Oct. 10, Mashreqbank must also immediately hire a third-party compliance consultant to oversee and address deficiencies in the branch’s compliance function, including compliance with BSA/AML requirements, federal sanctions laws, and New York law and regulations. The bank must also hire a third party “lookback consultant” to conduct a review of the branch’s transaction clearing activity for April 2016 to September 2016, along with other remedial actions. The consent order stems...

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