Federal Reserve issues consent order against Mashreqbank for firm's unsafe and unsound practices related to sanctions compliance
November 09, 2021
Federal Reserve issues consent order against Mashreqbank for firm's unsafe and unsound practices related to sanctions compliance
For release at 11:00 a.m. EST
The Federal Reserve Board on Tuesday announced it has issued a consent cease and desist order against Mashreqbank psc, of the United Arab Emirates, for having insufficient policies and procedures to ensure that the activities conducted at its offices outside the United States complied with U.S. sanctions laws.
The Federal Reserve's order requires Mashreqbank to implement an enhanced program to ensure global compliance with U.S. sanctions administered by the U.S. Department of Treasury's Office of Foreign Assets Control.
The Federal Reserve's order is being taken in conjunction with actions by the Department of Treasury's Office of Foreign Assets Control and the New York Department of Financial Services.
For media inquiries, email media@frb.gov or call 202-452-2955.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
