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.

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Last Update: November 09, 2021