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

Mashreqbank, Dubai, United Arab Emirates

Photo: Juergen Hasenkopf/imageBROKER/Alamy

ORX News
10 Dec 2021

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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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