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Mashreqbank reaches $40 million settlement with New York regulator

2018-10-11 07:32:26 GMT (Economies.com)
Mashreqbank reaches $40 million settlement with New York regulator
 

Mashreqbank announced on Thursday that it has agreed to a consent order with the New York State Department of Financial Services (DFS). 

Under the terms of the consent order, Mashreqbank has agreed to pay the DFS a total of $40 million as part of the settlement.

"Mashreqbank failed to fully comply with critical New York and federal banking laws aimed at combating international money laundering, terrorist financing and other related threats," DFS Superintendent Maria Vullo said in a statement.

 “As acknowledged in the consent order, the DFS gave substantial weight to the laudable conduct of Mashreqbank in demonstrating a keen interest in, and commitment to, remediating the issues addressed in the consent order, including by devoting substantial financial and corporate resources to enhancing the compliance function at the New York Branch, and in building an effective and sustainable BSA/AML & Sanctions Compliance infrastructure,” it said.

Mashreqbank remains committed to providing its customers with superior and robust banking services while maintaining and enhancing its compliance with regulatory expectations,” the bank said.

Mashreqbank H1-18 net profit amounted to AED 1.2 billion, compared with AED 1.13 billion in the year-ago period.

 
 
 
  Symbol Last Change Chg.%
1.1305
-0.0092
0.8081%
1.2587
-0.0116
0.9120%
14.564
-0.057
0.386%
51.211
-1.034
1.980%
60.23
-1.17
1.91%
1238.250
-9.790
0.784%
 
 
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