UAE Bank Faces $100 Million Compliance Penalty
We continue to see many examples of action being taken against organizations and institutions that fall short where regulatory compliance is concerned. One of the most recent is Mashreqbank, which is based in the United Arab Emirates. The bank was fined $100 million by the New York State Department of Financial Services for violating sanctions regulations and also for not having an adequate compliance program in place. Thousands of payments were flagged by the New York State Department of Financial...
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