Op risk data: Mashreq fined $100m for Sudan sanctions busting

Also: Westpac client scams go west; Navient and AFTS schooled over student loan misrule. Data by ORX News

Mashreqbank, Dubai, United Arab Emirates
Mashreqbank, Dubai, United Arab Emirates
Photo: Juergen Hasenkopf/imageBROKER/Alamy

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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