Mashreqbank fined US$40m over AML violations

摘要

NEW York’s Department of Financial Services has fined United Arab Emirates-based Mashreqbank PSC and its New York branch US$40 million for violations of US Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws in the New York branch’s US dollar clearing operations. The bank has also been told to 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.