Op risk data: Mashreq fined $100m for Sudan sanctions busting
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In November’s largest loss, Mashreqbank agreed a $100 million settlement with the New York Department of Financial Services (NYDFS) for processing transactions involving Sudanese entities and for its attempts to disguise the transactions, which violated US sanctions on Sudan.
In 1997, Bill Clinton, then US president, imposed sanctions on Sudan because of its government’s support for international terrorism. These sanctions – in place until 2020 – prohibited financial institutions operating in
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