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NY regulator fines Dubai bank, branch $40M for money laundering lapses

The New York State Department of Financial Services fined Dubai-based Mashreqbank PSC and its New York branch $40 million for violations of anti-money laundering and record-keeping laws.

The regulator found that the New York branch did not deal properly with transaction monitoring alerts, and that the head office did not provide sufficient oversight of a third-party auditor hired to conduct an anti-money laundering audit in 2017.

The bank must submit enhanced programs to the regulator, and must hire a third-party compliance consultant to address deficiencies, along with other remedial actions.