The New York State Department of Financial Services (NYDFS) on Tuesday fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
According to the NYDFS’s consent order, between January 2005 and February 2009, Mashreq processed 1,747 payments, worth more than $4 billion, through U.S. financial institutions for Sudanese entities in violation of U.S. sanctions that were in place at the time. An amended executive order repealed the sanctions in 2017, though violations that occurred before then remain subject to enforcement.
