The New York State Department of Financial Services has levied a civil penalty of forty million dollars ($40m) upon the Dubai-based Mashreqbank PSC for massive BSA/AML failures, KYC inadequacies, and issues regarding the timely filing of Suspicious Activity Reports (SARs). Both the bank's UAE headquarters, and its New York branch, are named in the Consent Order, which was executed on October 10, and released yesterday (10/11/18).
Readers who wish to review the order may access the complete text of the 20-page document here.
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